No pre-2005 note exchange at banks from July 1
The Reserve Bank of India on Thursday said pre-2005 banknotes can now be exchanged only at select RBI offices (and not banks) from July 1, as most of these notes have been withdrawn from circulation. The RBI, however, has clarified that the pre-2005 banknotes will still remain a legal tender. According to RBI, pre-2005 notes have comparatively fewer security features.