Withdrawal of old series of banknotes issued prior to 2005: Consolidation of instructions

The Reserve Bank of India (RBI) has issued a consolidated circular regarding the withdrawal of old-series banknotes issued prior to 2005. RBI reiterated that these banknotes remain legal tender, but banks must ensure that such notes are not re-issued through ATMs or over-the-counter transactions. Banks are required to sort and deposit these notes in currency chests or send them to RBI Issue Offices for disposal. The circular also consolidates previous instructions issued on the subject.