Reserve Bank of India (RBI) has extended the date for submission pre-2005 currency notes to June 30, 2015. The move is aimed at replacing the old-designed notes.
Soliciting co-operation from the public, the central bank on Tuesday urged people to deposit the old design notes in their bank accounts or exchange them at a bank branch convenient to them. The RBI has stated that the public can now do so up to June 30.
Earlier, in March 2014, it had set the last date for January 1, 2015.
The RBI 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. Explaining the move, the central 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 A majority of the old notes have also been withdrawn through bank branches while a few are still in circulation. Not having currency notes in multiple series in circulation at the same time is a standard international practice, the Reserve Bank has pointed out.During 2013-14, around 14.2 billion pieces of soiled bank notes were disposed of as against a target of around 17 billion pieces. For 2014-15, a target of around 17 billion pieces has been fixed keeping in view the disposal capacity available and the trend of actual disposal during the last 3 years.
Demand for bank notes and coins continued to rise in 2013-14 despite the increased use of technology driven non-cash modes of payment during the recent period. At the close of March 2014, the value of the bank notes in circulation stood at ` 12,829 billion registering an increase of 10.1% over end-March 2013. The volume of bank notes in circulation during the same period increased to 77 billion pieces, an increase of 5.2%.
RBI discharges its currency management function during the year through a network of 19 issue offices, a currency chest at Kochi; 4,183 currency chests (including sub-treasury offices) and 3,967 small coin depots of commercial, urban co-operative and regional rural banks spread across the country.
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