Pre-2005 series of Banknotes - Revision of exchange facility

RBI/2015-16/443
DCM (Plg) No.G-12/4297/10.27.00/2015-16

June 30, 2016

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

Madam / Dear Sir,

Pre-2005 series of Banknotes - Revision of exchange facility

Please refer to our circular DCM (Plg) No.G-8/2331/10.27.00/2015-16 dated December 23, 2015, DCM (Plg) No.G-9/2856/10.27.00/2015-16 dated February 11, 2016 and the Press Release dated December 23, 2015 on the captioned subject.

2. As you all may be aware, from January 2014, Pre-2005 banknotes are being withdrawn from circulation and through sustained efforts a large percentage of these notes have since been withdrawn. A small percentage of these notes, however, still remains in circulation. On a review thereof, it has since been decided that from July 01, 2016 onwards, the facility for the members of Public to exchange the pre-2005 banknotes will be available only at the following offices of Reserve Bank of India: Ahmedabad, Bengaluru, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna, Thiruvananthapuram and Kochi. These instructions have been specified in a Press Release dated June 30, 2016 (copy enclosed).

3. Pre-2005 banknotes will continue to remain legal tender.

4. You are advised to suitably guide the members of public who may approach your branches for exchange of such notes.

5. Please ensure that these notes are not allowed to go back into circulation either through the ATMs or over the counters.

6. Please acknowledge receipt.

Yours faithfully,

(P. Vijayakumar)
Chief General Manager

Encl: 1 sheet