NRI alert: Exchange your old Indian rupee notes by next week

Non-Resident Indians in the UAE should take note, as only nine days now remain to exchange your pre-2005 issued currency notes, as per the deadline set by the Reserve Bank of India (RBI).

The June 30 deadline, which was extended from January 1, will include denominations of Rs500 and Rs1,000 currency notes.
 
Residents in the UAE are still able to go to local currency exchange houses, with UAE Exchange's customer helpline stating it is still accepting pre-2005 issued Indian notes and continues to convert them to dirhams.

However, some exchange houses, have determined that several are still in the dark, while some like Wall Street have stated it will only accept Indian rupee notes issued after 2005.

In a press statement, the RBI urged the public to deposit the old design notes in their bank accounts or exchange them at a bank branch convenient to them.

RBI also stated the notes can be exchanged for their full value. It has clarified that all such notes continue to remain legal tender.

Explaining the move, the Reserve Bank said that now the notes in Mahatma Gandhi series have been in circulation for a decade.

A majority of the old notes have also been withdrawn through bank branches.

It has, therefore, decided to withdraw the remaining old design notes from circulation.

Not having currency notes in multiple series in circulation at the same time is a standard international practice, the RBI pointed out.

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