RBI Plan of Withdrawal of all old series of Banknotes issued prior to 2005 extended to 30 June 2016
The RBI, vide Circular dt. 11 Feb., 2016 has directed to extend the date for exchanging the pre-2005 banknotes to June 30, 2016 to facilitate the exchange of such notes without causing any inconvenience to the public, as under:
RBI Circular No. RBI/2015-16/316 DCM (Plg) No.G- 9/2856/10.27.00/2015-16 February 11, 2016
1. Please refer to our circular DCM (Plg) No.G-15/5486/10.27.00/2014-15 dated June 26, 2015 and the Press Release dated June 25, 2015 on the captioned subject.
2. On a review of the matter, it has been decided to extend the date for exchanging the pre-2005 banknotes to June 30, 2016. However, from January 01, 2016, such facility will only be available at identified bank branches and Issue Offices of RBI.
3. You are advised to facilitate the exchange of such notes without causing any inconvenience to the public, whatsoever. These notes will retain their legal tender status.
4. Suitable instructions may be issued to all your identified bank branches to provide exchange facilities to members of public and to stop re-issue of the pre- 2005 series banknotes. In this regard, you may please refer to the list of dos and don’ts enclosed with our circular dated March 03, 2014. Please also ensure that such notes are not dispensed through the ATMs / over your counters. The methodology to be followed for dealing with the pre-2005 series banknotes contained in Para 3 of our circular DCM (Plg) No. G-17/3231/10.27.00/2013-14 dated January 23, 2014 remains unchanged.