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RBI has extended the deadline for exchanging pre-2005 currency notes

The Reserve Bank of India(RBI) has extended the deadline for exchanging pre-2005 currency notes of various denominations, including Rs 500/-and Rs 1,000/-, by another six months to June 30, 2016.

The Reserve Bank had, in June 2015, set the last date for public to exchange pre-2005 bank notes as December 31, 2015.

Now RBI, on a review, decided to extend the date for the public to exchange their pre-2005  bank notes till June 30, 2016.

However, from January 01, 2016, such facility will only be available at identified bank branches and Issue Offices of RBI. Further, the Banks are advised to facilitate the exchange of such notes without causing any inconvenience to the public, whatsoever. These notes will retain their legal tender status.

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