MUMBAI (Reuters) - The Reserve Bank of India (RBI) will allow the public to exchange the currency notes issued before 2005 even beyond July 1 and reiterated that these notes will continue to be legal tender, in an attempt to quell panic among common people.
The RBI had issued a notice on Wednesday saying that it will withdraw the notes issued before 2005 after March 31, triggering speculation that the central bank is trying to weed out black money through this process before elections due by June.
The RBI added that people can exchange any number of old series notes from bank branches where they have accounts after July 1.
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Reporting by Suvashree Dey Choudhury; Editing by Subhranshu Sahu