On
enquiries from the press and members of public, the Reserve Bank of India has
clarified as follows: As a part of its currency management
programme, the Reserve Bank phases out banknotes of old design once banknotes
in new design with additional/enhanced security features are introduced. The Reserve
Bank has asked banks that when they receive bank notes with old design in Rs.500
denomination (1996 series), they may not re-issue such notes to public and instead
return them to the Reserve Bank offices. Members of public will get the exchange
value for the banknote of the old design tendered by them for the same value either
in the new design of banknotes or by combination of other denominations or by
credit to their account. All banknotes in the 1996 design/ series will continue
to be legal tender. All central banks undertake such exercise
of phasing out banknotes in old designs to ensure that banknotes with enhanced
security features are continued in circulation. There is no time limit set for
such phasing out or for members of public to exchange them.
The Reserve Bank of India also clarifies that at present it is not phasing out
any currency notes in smaller denomination, that is, Rs.10, 20, 50 and 100. Members
of public can continue to use all genuine banknotes which are legal tender. Alpana
Killawala
Chief General Manager Press Release : 2008-2009/256 |
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