Last date for exchange of withdrawn pre-2005 currency notes extended

Banknotes of pre-2005 have less security features and no year of issue

GN Bureau | June 26, 2015


#rbi   #currency notes   #bank notes   #security  

The last date for exchanging pre-2005 banknotes of all denominations has been extended till December 31, 2015.

The Reserve Bank of India has urged the public deposit the old design notes in their bank accounts or exchange them at a bank branch convenient to them. The RBI 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. The apex bank had in December 2014 set the last date as June 30, 2015.

Explaining the rationale behind the notification, the RBI said that the banknotes in the Mahatma Gandhi series have now been in circulation for a decade. A majority of the old banknotes have been withdrawn and therefore it has decided to withdraw the remaining old design notes from circulation. They also have fewer security features compared with banknotes printed after 2005, RBI said.

Not having currency notes in multiple series in circulation at the same time is a standard international practice, the RBI pointed out.

The move is also aimed at curbing black money and fake currencies. Post-2005 notes have added security features and help in curbing the menace of fake currency.

How can one distinguish the pre-2005 series banknotes?

It is easy to identify pre-2005 notes. The currency notes issued before 2005 do not have the year of printing on the reverse side. In notes issued post 2005, the year of printing is visible at the bottom on the reverse.

What are the pre-2005 series banknotes?

The RBI issued Mahatma Gandhi series (MG series) 2005 banknotes in the denomination of  Rs 10, Rs 20, Rs 50, Rs 100, Rs 500 and Rs 1,000. These notes contain some additional or new security features as compared to the 1996 MG series. All banknotes issued before the 2005 MG series are called as pre-2005 series banknotes.

Do the pre-2005 series banknotes cease to be legal tender?

The notes issued before 2005 shall continue to be legal tender. The notes are only being withdrawn from circulation and this withdrawal exercise is in conformity with the standard international practice of not having multiple series of notes in circulation at the same time.

Comments

 

Other News

Climate actions being implemented to deal with impact of heat waves

India’s climate actions cut across various sectors and are being implemented through various programs and schemes of different union ministries, departments and state/ union territory governments.  The government of India through concerned ministries and departments organises workshops, exhibiti

Banks must hear borrowers before declaring their accounts as frauds: SC

In a judgment with far-reaching implications, the Supreme Court has held that the civil consequences of an account being declared as fraud under the Reserve Bank of India (Frauds Classification and Reporting by Commercial Banks and Select FIs) Directions, 2016 or its Master Directions on Fraud amount to ci

India’s forest cover increases by 5,516 sq km in four years

The Dehradun-based Forest Survey of India (FSI), an organization under the Ministry of Environment, Forests and Climate Change, carries out the assessment of forest cover biennially since 1987 and the findings are published in the India State of Forest Report (ISFR). As per the latest ISFR 2021, there is a

Steps taken to meet higher power demand of April-May

While the average growth of energy requirement in the country for 2023-24 viz-a-viz 2022-23 has been estimated as 4.9%, the months of April and May have been projected as high demand period. During the current year, the peak demand is expected to be around 229 GW during the summer period. The government ha

Millets to make comeback in army ration after half a century

As the UN has declared 2023 as the International Year of Millets, the Indian Army has steered introduction of millets flour in the rations of soldiers. This landmark decision will ensure troops are supplied with native and traditional grains after over half a century, when these were discontinued in favour

Central Bank Digital Currency has game-changing potential

When discussing digital currency, you might think of one or two well-known varieties. There is the digital representation of currency that you access with mobile and online banking services. This currency is the liability of a commercial bank. There is also cryptocurrency, a digital medium of exchange issu

Visionary Talk: Amitabh Gupta, Pune Police Commissioner with Kailashnath Adhikari, MD, Governance Now


Archives

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter