RBI extends deadline for exchanging pre-2005 currency notes by another 6 months

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The Reserve Bank of India has extended the date for the public to exchange their pre-2005 banknotes till December 31 this year. This means, all such notes will remain legal till that time. 

"A majority of the old banknotes have been withdrawn through bank branches," RBI said in a press release. "It has, therefore, decided to withdraw the remaining old design notes from circulation. Not having currency notes in multiple series in circulation at the same time is a standard international practice." 

"The banknotes in Mahatma Gandhi series have now been in circulation for a decade." 

The central bank has urged citizens to deposit the old designed currency notes in their bank accounts or exchange them at a bank branch convenient to them. The move, introduced last December, is actually aimed at checking counterfeit notes in the system as those old soiled notes were not equipped with all modern security features. 

RBI stated that the notes could be exchanged for their full value. It will continue to monitor and review the process so that the public is not inconvenienced in any manner.