The Reserve Bank issued a clarification regarding its move to withdraw banknotes printed prior to 2005. RBI said that its aim was to remove these notes from the market as they have fewer security features compared to banknotes printed after 2005.
In a press release issued from Mumbai today, RBI has said that it is a standard international practice to withdraw old series notes.
In view of the apprehensions raised by common people regarding RBI’s move to withdraw banknotes printed prior to 2005, the apex bank has clarified that these notes will continue to be legal tender even after March 2014.
RBI has however advised people to initiate the process of exchanging notes at bank branches as per their convenience.
RBI has further clarified that even post 1st July, 2014; people will be able to exchange any number of these old series notes from the bank branches where they have their accounts.
RBI has said that it has been withdrawing these bank notes from the market in a routine manner through banks and only a small quantity of banknotes printed before 2005 is still in circulation.
RBI has assured that it will continue to monitor and review the process of withdrawal of old series notes so that the public is not inconvenienced in any manner.