Recently, the Reserve Bank of India extended the date of withdrawal of currency issued prior to 2005. This move was initiated as they have fewer security features as compared to banknotes printed after 2005.
It is a standard international practice to withdraw old series notes. 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.
Clean Note Policy:
Reserve Bank of India has been continuously making efforts to make good quality banknotes available to the members of public. To help RBI and banking system, the members of public are requested to ensure the following:
- Not to staple the banknotes
- Not to write / put rubber stamp or any other mark on the banknotes
- Not to use banknotes for making garlands/toys, decorating pandals and places of worship or for showering on personalities in social events, etc