The Reserve Bank of India (RBI), through its circular dated June 9, 2026, consolidated all instructions relating to the withdrawal of old series banknotes issued prior to 2005. RBI reiterated that the phased withdrawal of such notes was initiated to introduce banknotes with upgraded security features in line with international practices. While the decision to withdraw these notes from circulation was announced on January 23, 2014, the exchange facility was restricted from July 1, 2016, exclusively to 19 designated RBI Issue Offices. The circular clarifies that pre-2005 banknotes continue to remain legal tender despite their gradual withdrawal from circulation. Banks have been directed not to re-issue these notes through ATMs or over-the-counter transactions and must segregate and deposit them in currency chests or forward them to RBI Issue Offices for disposal. The circular consolidates earlier notifications, specifying their current applicability status.
RESERVE BANK OF INDIA
RBI/2026-27/108
DCM(Plg) No.S737/10.02.060/2026-27
June 09, 2026
The Chairman / Managing Director / Chief Executive Officer
All Banks
Madam/ Dear Sir,
Withdrawal of old series of banknotes issued prior to 2005: Consolidation of instructions
The Reserve Bank of India follows a policy of phasing out certain series of banknotes from time to time with a view to introduce banknotes with upgraded security features, in alignment with standard international practice of withdrawing old series banknotes. Accordingly, it was decided on January 23, 2014 that all old series of banknotes issued prior to 2005 would be completely withdrawn from circulation, and banks were advised to extend all necessary cooperation to the members of public for the withdrawal exercise to be carried out in a smooth and non-disruptive manner.
2. Based on a review, it was decided that from July 01, 2016, the facility of exchanging the pre-2005 banknotes would be available only at the 19 RBI Issue Offices1.
3. As advised at Paragraph 3 of the circular dated January 23, 2014, banks shall continue to ensure that pre-2005 series banknotes are not re-issued through ATMs or over-the-counter transactions. Such notes shall be sorted and deposited in currency chests under the Linkage Scheme or forwarded to the nearest RBI Issue Office for disposal.
4. Pre-2005 series banknotes continue to be legal tender.
5. This consolidates the instructions issued earlier on the subject, as detailed hereunder2
Yours faithfully
(Sanjeev Prakash)
Chief General Manager-In-Charge
1 Ahmedabad, Bangalore, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna and Thiruvananthapuram
2 Related Notifications:
| SL. | Subject | Circular No. | Date | Withdrawn/ In vogue/ Partially applicable |
| 1 | Withdrawal of All Old Series of Banknotes issued Prior to 2005 | DCM(Plg).No.G-17/3231/10.27.00/2013-14 | January 23, 2014 | Partially applicable |
| 2 | Withdrawal of All Old Series of Banknotes issued Prior to 2005 | DCM.(Plg).No.G-19/3880/10.27.00/2013-14 | March 03, 2014 | Withdrawn |
| 3 | Withdrawal of All Old Series of Banknotes issued Prior to 2005 | DCM(Plg).No.G-8/3004/10.27.00/2014-15 | December 31, 2014 | Withdrawn |
| 4 | Withdrawal of All Old Series of Banknotes issued Prior to 2005 | DCM(Plg).No.G-15/5486/10.27.00/2014-15 | June 26, 2015 | Withdrawn |
| 5 | Withdrawal of All Old Series of Banknotes issued Prior to 2005 | DCM (Plg)No.G-8/2331/10.27.00/2015-16 | December 23, 2015 | Withdrawn |
| 6 | Withdrawal of All Old Series of Banknotes issued Prior to 2005 | DCM(Plg)No.G-9/2856/10.27.00/2015-16 | February 11, 2016 | Withdrawn |
| 7 | Pre-2005 series of Banknotes – Revision of exchange facility | DCM (Plg) No.G-12/4297/10.27.00/2015-16 | June 30, 2016 | In vogue |
