Hardly few days are left to deposit your pre-2005 currency notes including Rs 500 and Rs 1000 as per the Reserve Bank of India notification. The deadline to submit is June 30, 2015.
The country's central bank decided to do away with currency noted prior to 2005 as they have lesser features.
It is standard international practice to withdraw old series notes. The RBI has already been withdrawing these banknotes in a routine manner through banks.
The Reserve Bank has stated that the notes can be exchanged for their full value. It has also clarified that all such notes continue to remain legal tender.
The Reserve Bank said that now the notes in Mahatma Gandhi series have been in circulation for a decade.
A majority of the old notes have also been withdrawn through bank branches. It has, therefore, decided to withdraw the remaining old design notes from circulation, the RBI said in the notification.