RBI extends the time limit for completely withdrawal from circulation all banknotes issued prior to 2005

            For the benefit of a large number of Indians, Reserve Bank of India (RBI) has decided to completely withdraw from circulation all bank notes issued prior to 2005.

However RBI has clarified that the notes issued before 2005 will continue to be legal tender. Accordingly all banks have been instructed by Reserve Bank of India to facilitate the exchange of old notes (issued prior to 2005) whenever requested by both customer and non -customers.

            Previously the deadline for exchanging of these notes was January 01 2015, after which banks would exchange the notes only for their customers and non-customers had to furnish proof of identity and residence. But subsequently this deadline has been extended to June 30, 2015.

 In order to implement withdrawal norms, RBI has issued guidelines on exchange of pre-2005 bank notes.

 Q: -What is the requirement from Bank branches   in implementing RBI guidelines on withdrawal from circulation all banknotes issued prior to 2005?

Ans:  Bank Branches to continue to accept all older series bank notes (issued prior to 2005) deposited by the customers into the accounts and for non customers as when they turn up at the branch for exchanging of these notes.

Q: How to identify pre-2005 notes?

Ans:    Identification of pre-2005 notes: On these bank notes, the year of issue is not printed on the back-side and these bank notes are not meant to be re- issued to general public

Bank note on which the year of printing is not indicated and not to be reissued to general public

Bank branches to continue to perform the existing validation on geniuness of banknotes (through UV/Fake note detector verification). .

The respective bank branches sort the currency notes into issuable and non-issuable bank notes. All notes issued prior to 2005 to be treated and bundled as part of non issuable.

            In course of time, the pre-2005 bank notes will be part of collector’s treasure.

Another Simple tip to identify pre-2005 Bank Notes:

All the Indian currency bank notes printed before the year 2005 do not have the year of printing marked on it.

All the Indian bank currency notes printed post 2005 have is year of printing clearly printed in the middle of the bottom row on the backside of the note.

So check all your Indian bank currency notes bank now.

If it has no year of printing on the back, it means the note is printed before 2005 and needs to be exchanged with the bank as per the RBI deadline.