identify and exchange pre-2005 currency notes?
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The Reserve Bank of India (RBI) has extended the deadline to
pre-2005 currency notes by
The earlier deadline for the same was June 30, 2015. Now, you can
exchange your old currency for new one at full value till December 31, 2015.
How to identify old notes:
It is easy to spot if the Indian currency with you was printed before 2005. The
currency notes printed
before 2005 will not have the year of printing on the reverse side. The notes
printing by the RBI after 2005 have the date of year printed on them.
How to exchange these notes:
You can either deposit these notes in your bank account or you can go to your
nearest bank branch and get them exchanged for new currency at full value.
What happens if you fail to do so?
There is nothing to worry about if you fail to exchange your old currency for
new currency in the next six months.
RBI has clarified that the pre-2005 currency will remain to be legal tender,
i.e. it can you used for its full value even after December 31, 2015.
So why do you have to exchange it?
RBI said that the idea behind removing these pre-2005 currency notes from the
market is because they have fewer security measures.
It said, "A majority of the old banknotes have been withdrawn
through bank branches. It has, therefore, decided to withdraw the remaining old
design notes from circulation. Not having currency notes in multiple series in
circulation at the same time is a standard international practice."
RBI has already collected and destroyed pre-2005 currency notes
worth Rs 21,750 crore.
"As many as 86.87 crore pieces of Rs 100, 56.19 crore pieces of
Rs 500 and 21.75 crore pieces of Rs 1,000 were shredded," PTI reported.