Paper Money

Reserve Bank of India sets deadline to exchange notes

Jan. 1, 2015, was the deadline the Reserve Bank of India announced to exchange bank notes of India printed before 2005.

Post-2005 notes have added security features and help in curbing the circulation of fake currency, according to an article posted online Dec. 21 in the Economic Times section of the indiatimes website. However, according to an update published Dec. 23, the deadline is now extended to June 30.

Currency notes issued before 2005 do not have the year of printing on the reverse side. In notes issued after 2005, the year of printing is visible at the bottom on the reverse.

"The central bank clarified that all such notes will continue to remain a legal tender. These notes can be exchanged for their full value, it added," the Economic Times Dec. 23 update reports.

The Reserve Bank of India has asked local banks not to issue pre-2005 series notes over the counter or through ATMs.

The volume of the banknotes printed prior to 2005 and still in circulation is not significant enough to impact the general public in a large way, according to the Economic Times articles.


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