Got torn currency notes? Then follow these RBI rules to exchange your notes

Updated on Oct 17, 2021 12:48 AM IST  |  131.9K
   
India,RBI,currency,notes
Got torn currency notes? Then follow these RBI rules to exchange your notes
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There have been a lot of times when we get torn or badly kept notes during transactions or ATMs. But doesn’t know what to do with those notes? However, the Reserve Bank of India (RBI) has some rules regarding torn currency notes. According to their rules, one can easily get old notes exchanged by going to the bank. The rule states that the banks cannot refuse to accept such notes the only condition being that they should not be fake. 

The rule also states that if any bank refuses to take those notes, then you can register a complaint with the RBI. Then action will be taken against that bank. The Reserve Bank of India (RBI) rule also mentions that if the currency notes are torn into several pieces then also it can be used and if any part of the torn note is missing, it can be replaced. For this process, one need not fill any form. 

RBI has mandated that all branches of banks in all parts of the country are mandated to provide the following customer services to the people like Issuing fresh / good quality notes and coins of all denominations on demand, exchanging soiled / mutilated / defective notes (Small Finance Banks and Payment Banks may exchange mutilated and defective notes at their option) and accepting coins and notes either for transactions or exchange.

According to the RBI rules, notes will not be exchanged if its badly burnt, crumpled pieces. Such notes can be deposited in the issuing office of RBI only.  

Also Read: Did the government not think about normal citizens like us before banning the 500-1000 notes?! - Dipika Kakar

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