1. What are the
pre-2005 series banknotes?
The RBI issued Mahatma Gandhi series (MG series) 2005 banknotes
in the denomination of ` 10, ` 20, ` 50, ` 100, ` 500 and ` 1000. These notes
contain some additional / new security
features as compared to the 1996 MG series. All banknotes issued before
the 2005 MG series are called as pre-2005 series banknotes.
2. How can one
distinguish the pre-2005 series banknotes?
Apart from the additional
security features, the 2005 MG series banknotes have
the year of printing on the reverse of the notes in the lower middle portion.
Banknotes printed before 2005 do not have the year of printing on the reverse
side and hence can be easily distinguished.
3. Why has RBI
decided to withdraw pre-2005 series banknotes?
Reserve Bank of India decided to withdraw
from circulation all banknotes issued prior to 2005 as they have fewer
security features as compared to banknotes printed
after 2005. The withdrawal exercise is in conformity with the standard international practice of not having
multiple series of notes in circulation at the same time. The RBI has already been withdrawing these
banknotes in a routine manner through banks. It is estimated that the volume of
such banknotes (pre-2005) in circulation is not significant enough to impact the
general public in a large way and the members of public may exchange the pre-
2005 series banknotes at bank branches at their convenience.
4. Do the pre-2005
series banknotes cease to be legal tender?
The notes issued before 2005 shall
continue to be legal tender. The notes are only being withdrawn from circulation
and this withdrawal exercise is in conformity with the
standard international practice of not having multiple series of notes in
circulation at the same time.
5. Can the
pre-2005 series banknotes be used for normal transactions?
Members of the public can continue to
freely use these notes for their transactions and can unhesitatingly receive
these notes in payment, as all such notes continue to remain legal tender.
6. Is there any
time limit for exchanging these notes?
These notes can be freely exchanged at
any bank branch till January 1, 2015. The procedure to be followed after January
1, 2015, shall be communicated by RBI in due course.
7. How is RBI
ensuring that these notes are withdrawn from circulation?
Banks have been advised to stop re-issue
of the pre-2005 series notes over the counters/through ATMs and they have been
instructed to forward them to the Reserve Bank of India.
8. Is there any
restriction on the number of pieces that can be exchanged?
No. There is no such restriction. Banks
have been advised to freely exchange these notes till January 1, 2015.
9. Is it necessary
to be a customer of the bank to exchange the pre-2005 series notes from its
branches?
No. Banks have been advised to freely
provide this exchange facility to all members of public, whether customer or
non-customer.
10. Is it
necessary to get cash in exchange or the amount can be credited in one’s
account?
It
is not necessary to get cash in exchange for the pre-2005 notes. If a person
desires, he can get the amount credited in his bank account.
11. Is there any
fee to be paid for the exchange facility?
No. The exchange facility is to be
provided free of cost by all bank branches
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