Damaged Notes Exchange: How to exchange torn or burnt notes, know RBI rules
Damaged Notes Exchange: If you have torn, dirty or burnt notes, then there is no need to panic. Such notes can be easily exchanged under RBI rules. You just have to follow some important conditions and procedures. Let’s know the complete details.
Damaged Notes Exchange: Often currency notes get torn during daily transactions, or get damaged due to moisture. Shopkeepers also refuse to accept such notes. Therefore, many people either keep the torn notes or throw them away. However, you do not need to do this. According to the clear guidelines of the Reserve Bank of India (RBI), such notes can be easily exchanged.
Exchanging dirty or old (soiled) notes
Dirty or slightly torn notes, called soiled notes, can be easily exchanged in bank branches. For this, you do not need to have an account in that bank. If the condition of such notes is satisfactory, the bank immediately gives new notes in exchange or deposits the same amount in the account.
Special procedure for mutilated notes
If the notes are torn, some part of them is missing or they are badly damaged. But, their essential safety features like serial number or watermark are clear, then they are placed in the category of mutilated notes. These notes can be deposited in authorized bank branches under RBI’s Note Refund Rules. Here, after investigation, partial or full payment is made according to the condition of that note.
Disposal of highly damaged notes
If the notes are burnt, stuck together or completely destroyed, then they cannot be exchanged in normal bank branches. In such cases, they are sent directly to the Issue Offices of the Reserve Bank of India, where compensation is given after special assessment.
How to exchange notes in the bank
Soiled and mutilated notes can be deposited in any commercial bank in the country, whether the customer has an account in that bank or not. The bank personnel check the status of the note and complete the exchange process as per RBI guidelines. If found eligible, a new note of the same value is given.
How many notes can be exchanged at a time
According to RBI, a maximum of 20 notes can be exchanged at a time. Their total value should not exceed Rs 5,000. The bank will pay you for it immediately. However, if you exchange notes of more value than this, the bank will keep the notes with itself and transfer the money to your account. The bank may take more time to exchange notes worth more than Rs 50,000.
Keep these things in mind while changing notes
- Avoid taping or stapling torn notes. Deposit the note in the bank in the same condition as it is.
- There is no provision for paying any fee for changing notes from Rs 1 to Rs 20.
- If the notes of Rs 50-500 are very damaged, then some fee may have to be paid for changing them.
- As per RBI instructions, no bank can refuse to change soiled notes.
- If any bank is refusing to change the note, then you can also complain about it.
If you have torn, dirty or damaged notes, then there is no need to throw them away or keep them. They can be easily changed under the procedure laid down by RBI. Just make sure that you are following the correct procedure. Also, tampering with the condition of the note should also be avoided.
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