J&K Bank stops circulation of pre-2005 banknotes

SRINAGAR: In the context of Reserve Bank of India’s directions to the banks to phase out the banknotes issued prior to 2005, J&K Bank has directed all its business units to stop reissuing the pre-2005 currency notes, a spokesperson of the bank said.
However, the bank shall be accepting the notes from the public till the last date as per the RBI directions.
Commenting upon this, J&K Bank President RK Chhibber said, “Last week, we have instructed all our business units and currency chests to provide exchange facilities to members of public and to stop re-issue of the older series banknotes issued prior to 2005.”
All the business units and currency chests have been advised to carry out this process in a smooth manner and without any inconvenience to the public, he added.
Notably, as per the RBI formulated plan all older series of banknotes issued prior to 2005 would be acceptable for all kinds of monetary transactions till March 31, 2014. Continue to be as legal tender, thereafter, the public will be required to approach bank branches which would provide them exchange facilities on an ongoing basis.