No longer, banks will exchange notes introduced prior to 2005.
If anyone has such notes he would need to approach one of the 20 offices of the Reserve Bank of India directly from Friday, to get such notes exchanged.
But there's a way out: If one has such notes, the person can deposit those notes in his bank account and the bank will send those notes to the central bank.
Since January 2014, the RBI, has been withdrawing currency notes circulated prior to 2005.
On Thursday, RBI said a large percentage of these notes have since been withdrawn, with only a small percentage still remaining in circulation.
Central bank has also clarified that these pre-2005 banknotes will continue to remain legal tender, which means people can use these notes just like other notes which were printed since 2005.