Time left to exchange Pre-2005 notes till December 2015 : RBI

             

            "Good Tiding :RBI has extended the date of                          exchanging the Pre-2005 banknotes"

Earlier the date of exchange was 30th june 2015 but now RBI has taken decision to extend it by 31st December 2015. As per the RBI protocols this will be applicable to all bank branches. Customers will get the full value on exchange of such notes and legal tender status will remain same. Customers are free to  use this exchange money for any type of transaction or payment.

So Everyone is advised to exchange their Pre 2005 bank notes including Rs 500 and Rs 1000 denominations before 31^st December 2015 and aware others also regarding this to avoid any type of inconvenience. 
RBI has instructed all Banks with following Dos & Donts
ANYONE can go to any Branch of any Bank whether he or she is customer to exchange any number of notes.

DOs

1. Banks should sensitize the members of public that the pre-2005 notes would continue to be legal tender. Banks should endeavour to organize note exchange melas in semi-urban/rural areas.
2. All denominations of banknotes issued prior to 2005 series have to be exchanged.
3. These notes must be freely accepted and exchanged by all bank branches from all members of public, whether customers or non-customers.
4. The process of exchange at bank branches should be started forthwith and undertaken as per the convenience of members of public.
5. The exchange of notes should be done free of cost.
6. The value of such notes may be credited in customers’ account, if desired.
7. The value of such notes payable shall be in terms of the RBI, Note Refund Rules, 2009.

DON’T

1. Banks should not place any restriction on the number of banknotes to be exchanged by a member of the public.
2. Banks should not issue pre-2005 series notes over the counter or through ATMs.
3. Currency chest branches should not refuse pre -2005 banknotes from their linked branches.

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