While withdrawing money from ATM, if the note gets torn or the note pasted on the tape comes out, then you do not need to worry. Let us know how you can get your note changed in this situation.
New Delhi: RBI Rules: Many times it happens that you find a note that is torn or taped. And then you are not able to give these notes anywhere because the shopkeepers also refuse to take it. But RBI has made rules to replace this tape sticking note. Let us know that according to the bank rules, how you can exchange these notes and how you can get full money back. That is, how can you make this tape sticking note legal?
What are the rules of the bank?
According to the Reserve Bank of India’s (RBI) exchange currency note rules for the year 2017, if you find mutilated notes from an ATM, then you can easily exchange them. And no government banks (PSBs) can refuse to exchange notes. Banks cannot refuse to take such notes.
This is the way to change the note
Even if your note is torn in pieces, the bank will replace it. Even if any part of the torn note is missing then it can be exchanged. could. For this, by filling a form, you can change the currency chest of a government bank, private bank or by going to the issue office of RBI.
Will get full money back
Whether you will get full money back or not depends on the condition and note value of your note. In case of a few mutilated notes, full money is available, but if the note is torn more then you will get some percentage of the money back. For example, if the largest piece of a note with a value of less than Rs 50 is more than 50 per cent of the normal note, then the exchange of this note will give its full value. If the largest piece of a note with a value of more than Rs 50 is 80 percent or more than the normal note, then you will get the full value on exchange of this note.
At the same time, if the largest piece of a note with a value of more than Rs 50 is between 40 to 80 percent of the normal note, then you will get only half the value of that note. If there are two pieces of the same note with a value of more than Rs 50 and these two pieces are up to 40 percent of the normal note, then you will get the value equal to the full value of the note. Half price is not available on exchange of Rs 1, Rs 2, Rs 5, Rs 10 and Rs 20 notes. That is, now you can change your money without loss.
How to complain
If any bank refuses you to exchange mutilated notes, then you can also complain about it in https://crcf.sbi.co.in/ccf/ under General Banking// Cash Related category. This link is for State Bank of India ATM. According to many reports, no bank can refuse to exchange mutilated notes from ATMs. Also, despite this, if banks violate the rules, then action can be taken against bank employees. On the basis of the complaint of the customer, the bank may also have to pay damages up to 10 thousand.
