Exchange your pre-2005 Currency notes before January 1 2015 | Fusion - WeRIndia

There are only ten days for people to exchange their currency notes of various denominations including Rs.500 and Rs.1,000 that were printed prior to 2005. The last date for exchanging those notes is January 1, 2015.

Earlier in this year, on January 22, RBI had issued an announcement regarding the circulation of currency notes that were printed before 2005 including the denominations of Rs.500 and Rs.1,000 and they would be withdrawn from April 1; public should exchange those notes with the banks. However, the deadline set by RBI to exchange these notes is January 1, 2015. RBI also asked the banks not to issue the pre-2005 series currency notes either over the counter or through ATMs.

The currency notes that were issued prior to 2005 do not contain the printing year at the bottom of reverse side of the note unlike the currency notes that were issued after 2005 which have the printing year. The currency notes that were issued after 2005 have extra security features and aid in reducing the threat of fake currency.

So far, 144.66 crore currency notes worth at Rs.52,855 crore have been shredded by RBI since the introduction of the drive. RBI estimates that the current circulation of these notes is not significant to affect the public to a great extent. Recently, the financial ministry stated that the withdrawal of these currency is to stop multiple series of notes in circulation at the same time which helps in confirming with the standards of international practice.

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