India extends deadline for pre-2005 banknotes

Just recently the Reserve Bank of India (RBI) announced that all pre-2005 banknotes would be withdrawn from 31 March 2015. Now the Bank has announced that it will extended the deadline for exchanging those banknotes to 1 January 2015.

The RBI said the rationale behind its move to withdraw banknotes printed prior to 2005 is to remove them from the market because they have fewer security features compared to banknotes printed after 2005.

Steven Wednesday 05 March 2014 at 08:40 am | | news
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