Dos and Don’ts for withdrawal of currency note issued prior to 2005

RBI has extended the date for exchanging the pre-2005 bank note from 1st April 2014 to 1st January 2015. Bank has issued the notification as on 3rd March 2014. The RBI has also given the Dos and Don’ts regarding the withdrawal of currency note issued prior to 2005.

Do

1.       Bank should make the general public aware that note issued prior to 2005 would continue to be a legal tender. Bank should try to arrange the note exchange camps in ruler and semi-rural area.

2.        All denominations of bank notes issued prior to 2005 can be exchange.

3.       All Banks should freely accept and exchange the pre-2005 currency notes from customers as well as non-customers.

4.        Bank branches should start the process of exchange immediately and it should be according to the convenience of the general public.

5.       There is no cost for the exchange of notes. Exchange should be done free of cost.

6.       If customer desires then value of such note can be deposited in his account. It means any customer can deposit the pre-2005 notes in his account.

Don’ts

1.       Bank should not place any restriction on number of bank note to be exchanged by any person.  It means there is no limit on the amount of notes exchange.

2.       Bank should not issue pre-2005 notes over its cash counter or through ATMs. It means general public has a right to refuse pre-2005 notes issued form a bank counter.

3.       Currency chest branches should accept pre-2005 notes from there linked branches.

Notification

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