Dos and Don'ts for Banks on Pre -2005 notes from RBI

DOs

1. Banks should sensitize the members of public that the pre-2005 notes would continue to be legal tender. Banks should endeavour to organize note exchange melas in semi-urban/rural areas.
2. All denominations of banknotes issued prior to 2005 series have to be exchanged.
3. These notes must be freely accepted and exchanged by all bank branches from all members of public, whether customers or non-customers.
4. The process of exchange at bank branches should be started forthwith and undertaken as per the convenience of members of public.
5. The exchange of notes should be done free of cost.
6. The value of such notes may be credited in customers’ account, if desired.
7. The value of such notes payable shall be in terms of the RBI, Note Refund Rules, 2009.

DON’T

1. Banks should not place any restriction on the number of banknotes to be exchanged by a member of the public.
2. Banks should not issue pre-2005 series notes over the counter or through ATMs.
3. Currency chest branches should not refuse pre -2005 banknotes from their linked branches.