The Reserve Bank on Thursday said it will accept pre-2005 banknotes only at its select branches from July as majority of the old series banknotes have been withdrawn.RBI is pulling out the pre-2005 banknotes because of fewer security features compared to banknotes printed after 2005.The central bank said it has observed that a major portion of the pre-2005 banknotes have been withdrawn from circulation and only a small percentage of these notes remains in circulation.

Source - http://www.thehindu.com