Press Releases- Date : Jun 30, 2016
Exchange of Pre-2005 Banknotes at Select Offices of RBI from July 01, 2016
The Reserve Bank of India has observed that a major portion of the pre-2005 banknotes have been withdrawn from circulation and only a small percentage of these notes remains in circulation. On a review, therefore, the Reserve Bank has decided that from July 01, 2016 the facility of exchanging the pre-2005 banknotes will be available only at the following offices of the Reserve Bank of India:
Ahmedabad, Bengaluru, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna, Thiruvananthapuram and Kochi.
The Reserve Bank of India had, in December 2015, set June 30, 2016 as the last date for public to exchange pre-2005 banknotes at the identified bank branches and Issue Offices of the Reserve Bank of India.
The Reserve Bank has also clarified that these pre-2005 banknotes will continue to remain legal tender.
The Reserve Bank of India has stated that it is a standard international practice not to have currency notes from multiple series remaining in circulation at the same time.
Soliciting cooperation from members of the public in withdrawing these banknotes from circulation, the Reserve Bank of India has urged them to exchange pre-2005 banknotes at the above mentioned offices of the Reserve Bank of India, as per their convenience. The Reserve Bank of India will continue to monitor and review the process so that the public is not inconvenienced in any manner.
DCM (Plg) No.G-12/4297/10.27.00/2015-16
Dated: June 30, 2016
The Chairman / Managing Director / Chief Executive Officer
All Scheduled Commercial Banks
Primary (Urban) Co-operative Banks / RRBs /State Co-operative Banks /
District Central Co-operative Banks
Madam / Dear Sir,
Pre-2005 series of Banknotes – Revision of exchange facility
Please refer to our circular DCM (Plg) No.G-8/2331/10.27.00/2015-16 dated December 23, 2015, DCM (Plg) No.G-9/2856/10.27.00/2015-16 dated February 11, 2016 and the Press Release dated December 23, 2015 on the captioned subject.
2. As you all may be aware, from January 2014, Pre-2005 banknotes are being withdrawn from circulation and through sustained efforts a large percentage of these notes have since been withdrawn. A small percentage of these notes, however, still remains in circulation. On a review thereof, it has since been decided that from July 01, 2016 onwards, the facility for the members of Public to exchange the pre-2005 banknotes will be available only at the following offices of Reserve Bank of India: Ahmedabad, Bengaluru, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna, Thiruvananthapuram and Kochi. These instructions have been specified in a Press Release dated June 30, 2016.
3. Pre-2005 banknotes will continue to remain legal tender.
4. You are advised to suitably guide the members of public who may approach your branches for exchange of such notes.
5. Please ensure that these notes are not allowed to go back into circulation either through the ATMs or over the counters.
6. Please acknowledge receipt.
Chief General Manager
Encl: 1 sheet
|Related Press Releases/Notification|
|February 11, 2016||Withdrawal of all old series of Banknotes issued prior to 2005|
|December 23, 2015||Pre-2005 Banknotes can be exchanged upto June 30, 2016|
|June 25, 2015||RBI extends the Date for Withdrawal of Pre-2005 Series Banknotes|
|December 23, 2014||Deposit Pre-2005 Currency Notes in Your Bank Accounts before June 30, 2015: RBI urges Public|
|March 03, 2014||RBI extends the date for exchanging Pre-2005 banknotes to January 01, 2015|
|January 24, 2014||Banknotes issued prior to 2005 to be withdrawn – RBI Clarification|
|January 22, 2014||Banknotes issued prior to 2005 to be withdrawn: RBI Advisory|