RBI extends exchange of pre-2005 notes till June

The Reserve Bank of India (RBI) has extended the date to exchange pre-2005 notes till June 30, 2015 from January, 1, 2015, on Wednesday.

People those own the pre-2005 notes of various denomination including Rs.500 and Rs. 1000 can exchange those by June end as the RBI extended the deadline further six months.

Earlier, the RBI has issued notes to exchange by January 1, 2015 as it withdrawing pre-2005 notes from circulation.

However, the bank in its recent release said that notes will continue to remain a legal tender and can be exchanged against full value.

It is noteworthy that, pre-2005 notes can easily be identified by checking date on the riverside of the note. All the notes post-2005 carry date back side on the note, easy to track.

Since the launch to phase out the pre-2005 notes from the circulation, RBI has so far shredded 144.66 crore such notes valued at Rs 52,855 crore.