Banks should accept deposits of pre-2005 currency notes: RBI

Reserve Bank has clarified that banks should accept deposits of pre-2005 currency notes, including the demonetised 500 and 1,000 rupee notes. In a press release Yesterday, RBI said that banks should accept these notes but not reissue them as pre-2005 notes can only be exchanged at RBI offices. 

The apex bank said that it has been receiving queries as well as complaints from public that banks are not accepting pre-2005 notes. RBI has



specified that banks can accept deposits of pre-2005 currency notes and credit it to the customer’s accounts. Even though pre-2005 notes are being withdrawn, they still continue to remain legal tender. 

RBI has also announced that it will soon issue a new batch of 500 rupee notes with inset letter “R” in both the number panels, bearing the signature of RBI Governor Urjit Patel, the year of printing '2016’ and Swachh Bharat Logo.