According to the rules of the Reserve Bank of India (RBI Rules), if you have mutilated currency notes of low denomination like 5, 10, 20, 50, then it is necessary to have at least 50 percent of them. When this happens, you will get the full value of that currency note. At the same time, if you have less than 50 percent share, you will not get anything.
New Delhi. According to the rules of the Reserve Bank of India (RBI Rules), a bank cannot refuse to exchange mutilated currency notes. Not only this, even the discount will not be cut on them. If a bank refuses to do so, then action can also be taken against it. So, if you have mutilated currency notes then there is no need to worry. You will get full value in return. Let us know what the Reserve Bank’s rules say about this?
The Reserve Bank (RBI) has prepared guidelines for changing mutilated currency notes. Mutilated currency notes can be exchanged in any bank in the country. For this it is not necessary to go to your home branch. Of course, action can be taken against those who refuse to exchange such currency notes, but there are some conditions for this. Let us tell you that the worse the note is in condition, the less its value will go down.
What are the rules for exchange of notes?
If you have mutilated currency notes of low denomination like 5, 10, 20, 50, then it is necessary to have at least 50 percent of them. When this happens, you will get the full value of that currency note. At the same time, if you have less than 50 percent share, you will not get anything. For example, if you have a mutilated 5 rupee note and 50 percent of it is safe, then you will get 5 rupees in return.
According to the Reserve Bank, if you have more than 20 mutilated notes and their total value is more than Rs 5,000, then transaction fees will also have to be paid for replacement. Before going to get the note changed, see that it should show security symbols like Gandhiji’s watermark, governor’s sign and serial number. If you have all these symbols in the torn net present, then the bank will have to change the currency note.
How to convert notes divided into multiple pieces?
RBI has also made rules to exchange currency notes that have been divided into many pieces. However, the process of getting new notes for its replacement may take some time. Actually, for this you have to send these notes by post to the RBI branch. In this, you will also have to give information about your account number, branch name, IFSC code, value of the note.
What does RBI do with torn notes?
The Reserve Bank removes the mutilated currency notes taken from you from circulation. Instead, it is the responsibility of the RBI to print new notes. Earlier these notes were burnt. However, now they are recycled into smaller pieces. Paper products are then made from these notes. These products are then sold in the market.
