It has also clarified that the public "can continue to freely use these notes (pre-2005)" for transactions and can unhesitatingly receive these notes in payment as all such notes remain legal tender.
Post-2005 notes have added security features and help in curbing the menace of fake currency.
The RBI said it will monitor and review the withdrawal and exchange process so that the public is not inconvenienced in any manner.
At present, currency notes are issued in denominations of Rs. 5, Rs. 10, Rs. 20, Rs. 50, Rs. 100, Rs. 500 and Rs. 1,000.
How to identify
It is easy to identify pre-2005 notes, as the currency notes issued before 2005 do not have the year of printing on the reverse side. In the notes issued after 2005, the year of printing is visible at the bottom of the reverse side.
Earlier, the RBI had withdrawn a certain series of currency notes at the bank level but bearers were not asked to get them replaced.
