The Reserve Bank of India has issued a consolidated circular on the withdrawal of old series banknotes issued before 2005. The circular confirms that pre-2005 banknotes remain legal tender, but they are to be withdrawn from circulation and must not be reissued by banks. Exchange of these notes remains available only at the Reserve Bank of India’s 19 Issue Offices, a restriction in place since July 01, 2016. The update restates the January 23, 2014 decision to completely withdraw pre-2005 notes in order to replace them with banknotes carrying upgraded security features. Banks must continue to ensure that these notes are not dispensed through ATMs or over-the-counter transactions, and instead sort them for deposit in currency chests under the Linkage Scheme or send them to the nearest RBI Issue Office for disposal. The circular also consolidates earlier instructions on the subject and clarifies which previous circulars have been withdrawn, remain partially applicable, or continue in force.
Reserve Bank of India2026-06-09
Reserve Bank of India consolidates pre-2005 banknote withdrawal rules and keeps exchange limited to 19 issue offices
The Reserve Bank of India issued a consolidated circular on the withdrawal of pre-2005 banknotes, confirming they remain legal tender but must be withdrawn from circulation and not reissued by banks. Exchange of these notes continues to be available only at the Reserve Bank of India’s 19 Issue Offices, with banks required to sort such notes for deposit in currency chests or submission to Issue Offices. The circular consolidates and clarifies the status of earlier instructions on this subject.