Deadline for exchange of old notes extended

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India has extended the date to exchange

the pre 2005 banknotes they have done so

now till the 31st of December it had in

December of 2014 set the last date for

public to exchange these notes as the

30th of June the RBI has urged people to

deposit the old design notes in bank

accounts or exchange them at a bank

branch the apex Bank 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 Reserve

Bank said that the banknotes in Mahatma

Gandhi series have now been in

circulation for a decade majority of

these old bank notes have been withdrawn

through bank branches it has therefore

decided to withdraw the remaining old

design notes from circulation the RBI

has pointed out that not having currency

notes in multiple series in circulation

at the same time is the standard

international practice