Headlines
Time only till next week to exchange pre-2005 rupee notes
New Delhi, June 21
June 30 will be the last
day for exchanging pre-2005 currency notes, including those of Rs.500
and Rs.1,000 denominations, at banks, the Reserve Bank of India has
notified.
The RBI has asked the public to deposit the old design
notes in their bank accounts or exchange them at a convenient bank
branch.
The central bank had extended its earlier exchange deadline of January 1 till the end of this month.
Besides
being standard international practice to withdraw old series notes, the
RBI said the pre-2005 banknotes have fewer security features compared
with banknotes printed thereafter, designed to curb the menace of fake
currency.
The finance ministry has informed parliament that over
164 crore pre-2005 currency notes of various denominations, with the
face value of around Rs.21,750 crore, were shredded in regional offices
of the RBI in a 13-month period ending January.