RBI urges public to swap all pre-2005 notes with new ones by 30 June 2015

The Reserve Bank of India (RBI) has urged the public to deposit old design notes in their bank accounts or exchange them at a bank branch convenient to them as these notes will be phased out soon.

RBI said the public have time till 30 June 2015 to do so.

Earlier, in March 2014, it had set the last date for public to exchange these notes at 1 January 2015.

The Reserve Bank has stated that the notes can be exchanged for their full value. It has also clarified that all such notes continue to remain legal tender.

Explaining the move, the RBI said that now the notes in Mahatma Gandhi series have been in circulation for a decade.

A majority of the old notes have also been withdrawn through bank branches.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, the Reserve Bank has pointed out.

RBI said it would continue to monitor and review the process so that the public is not inconvenienced in any manner.