Key Points
Hence, going by RBIs above-mentioned FAQs, if an individual has an old pre-2005 bank note for a denomination of say Rs 10, 50, or 100, then such notes can either be deposited in their bank accounts or exchanged at the specified RBI offices..
As per the FAQs, every banknote issued by Reserve Bank of India (Rs 2, Rs 5, Rs 10, Rs 20, Rs 50, Rs 100, Rs 200, Rs 500 and Rs 2000), unless withdrawn from circulation, shall be legal tender at any place in India in payment or on account for the amount expressed therein, and shall be guaranteed by the Central Government, subject to provisions of sub-section (2) Section 26 of RBI Act, 1934...
The press note issued by the RBI on May 19, 2023, says that though Rs 2000 note is being withdrawn from circulation, it continues to be a legal tender..
However, they are encouraged to deposit and/or exchange these banknotes on or before September 30, 2023, state the FAQs issued for the deposit/exchange of Rs 2000 notes...
In the two instances cited above, as per RBIs own FAQs while 25 paise coin is no longer legal tender, the pre-2005 banknotes continue to be so...
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