Pre-2005 banknotes still valid, but...
Moneylife Digital Team 01 July 2016
While clarifying that the pre-2005 banknotes are still valid, the Reserve Bank of India (RBI) said from 1 July 2016 such notes can be exchanged only at its select offices across the country. Earlier, the central bank had said such notes could be exchanged at identified bank branches and RBI offices till 30 June 2016.
 
This means pre-2005 currency notes cannot be exchanged at any bank branches. However, according to a report from the Economic Times, if one has such notes, the person can deposit those notes in his bank account and the bank will then send such notes to RBI. 
 
RBI said, from 1st July, its office at Ahmedabad, Bengaluru, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna, Thiruvananthapuram and Kochi would only provide the exchange facility for pre-2005 currency notes.
 
The Reserve Bank stated that it is a standard international practice not to have currency notes from multiple series remaining in circulation at the same time.
 
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