MANU/RDCM/0002/2014

Ministry : Reserve Bank of India

Department/Board : Department of Currency Management

Circular No. : DCM.(Plg).No.G-17/3231/10.27.00/2013-2014
                   RBI/2013-2014/467

Date : 23.01.2014

Subject: Banking

The Chairman/Managing Director/Chief Executive Officer
All Scheduled Commercial Banks
Primary (Urban) Co-operative Banks/RRBs

Dear Sir/Madam

RBI decided that all old series of banknotes issued prior to 2005 will be completely withdrawn from circulation.

As you are aware, RBI has been following a policy of phasing out of certain series of banknotes from time to time. It has now been decided that all old series of banknotes issued prior to 2005 will be completely withdrawn from circulation.

2. Accordingly, the following plan of action has been formulated:

(i) All older series of banknotes issued prior to 2005 would be acceptable for all kinds of monetary transactions only till March 31, 2014.

(ii) Thereafter, the public will be required to approach bank branches which would provide them exchange facilities on an ongoing basis.

(iii) These notes will continue to be legal tender.

(iv) From July 01, 2014, to exchange more than 10 pieces of ` 500 and ` 1000 notes, bank branches should obtain from non-customers, proof of their identity and residence.

(v) A public notification informing public of the exercise and soliciting their cooperation and enabling them to identify the older series is issued separately. A copy of the same is enclosed for ready reference.

3. Please issue suitable instructions to all your branches, to provide exchange facilities to members of public and t........