4/3/2015 ReserveBankofIndia
data:text/htmlcharset=utf8,%3Ctable%20width%3D%2290%25%22%20border%3D%220%22%20align%3D%22center%22%20cellpadding%3D%220%2
1/2
Home>>FAQsFAQsView
Print
Pre2005SeriesBanknotes
1.Whatarethepre2005seriesbanknotes?
The RBI issued Mahatma Gandhi series (MG series) 2005 banknotes
in the denominationof`10,`20,`50,`100, ` 500 and ` 1000. These
notes contain some additional / new
securityfeaturesascomparedtothe1996MGseries.Allbanknotesissuedbeforethe2005MGseriesarecalledaspre2005seriesbanknotes.
2.Howcanonedistinguishthepre2005seriesbanknotes?
Apartfromtheadditionalsecurityfeatures,the2005MGseriesbanknoteshavetheyearofprintingonthereverseofthenotesinthelowermiddleportion.Banknotesprintedbefore2005donothavetheyearofprintingonthereversesideandhencecanbeeasilydistinguished.
3.WhyhasRBIdecidedtowithdrawpre2005seriesbanknotes?
ReserveBankof Indiadecided towithdraw fromcirculationall
banknotes issuedprior to2005asthey have fewer security features as
compared to banknotes printed after 2005. The withdrawalexercise is
in conformity with the standard international practice of not
havingmultiple series
ofnotesincirculationatthesametime.TheRBIhasalreadybeenwithdrawingthesebanknotesinaroutine
manner through banks. It is estimated that the volume of such
banknotes (pre2005)
incirculationisnotsignificantenoughtoimpactthegeneralpublicinalargewayandthemembersofpublicmayexchangethepre2005seriesbanknotesatbankbranchesattheirconvenience.
4.Dothepre2005seriesbanknotesceasetobelegaltender?
Thenotesissuedbefore2005shallcontinuetobelegaltender.Thenotesareonlybeingwithdrawnfromcirculationandthiswithdrawalexerciseisinconformitywiththestandardinternationalpracticeofnothavingmultipleseriesofnotesincirculationatthesametime.
5.Canthepre2005seriesbanknotesbeusedfornormaltransactions?
Members of the public can continue to freely use these notes for
their transactions and
canunhesitatinglyreceivethesenotesinpayment,asallsuchnotescontinuetoremainlegaltender.
6.Isthereanytimelimitforexchangingthesenotes?
Thesenotescanbe freelyexchangedatanybankbranch
tillJune30,2015.Theprocedure
tobefollowedafterJune30,2015,shallbecommunicatedbyRBIinduecourse.
7.HowisRBIensuringthatthesenotesarewithdrawnfromcirculation?
Bankshavebeenadvised tostop reissueof thepre2005seriesnotesover
thecounters/throughATMsandtheyhavebeeninstructedtoforwardthemtotheReserveBankofIndia.
8.Isthereanyrestrictiononthenumberofpiecesthatcanbeexchanged?
No.Thereisnosuchrestriction.BankshavebeenadvisedtofreelyexchangethesenotestillJune30,2015.
9.Isitnecessarytobeacustomerofthebanktoexchangethepre2005seriesnotesfromitsbranches?
No. Banks have been advised to freely provide this exchange
facility to all members of public,whethercustomerornoncustomer.
10.Isitnecessarytogetcashinexchangeortheamountcanbecreditedinonesaccount?
Itisnotnecessarytogetcashinexchangeforthepre2005notes.Ifapersondesires,hecangettheamountcreditedinhisbankaccount.
