RBI New Rules for Mutilated Notes: Do you also have torn, dirty, damaged notes? So don’t worry, take the note and go to any bank branch. They will exchange the notes and give you new notes. However, the rate of the note depends on the condition of the notes, torn, damaged etc.
RBI New Rules for Mutilated Notes:Â Indian currency notes are made of paper. In such a situation, it is natural for them to get dirty, torn etc. with time. Sometimes torn notes are also dispensed from ATM, but the machine does not accept torn or damaged currency. This causes difficulty to those who have torn notes as no one will be willing to accept such notes.
To solve this problem, the Reserve Bank of India (RBI) has ordered every bank in India to provide the facility of exchange of soiled/mutilated/damaged currency notes for new notes.
But there are rules regarding determining the value of such notes and how new notes will be given to the tenderer of such soiled notes, which you should know.
Two big things
RBI said in a Master Direction dated April 3, 2023 (updated May 15, 2023), ‘All branches of banks in all parts of the country will be required to provide the following customer services to the members of the public more actively and strictly. So that they have no need to approach RBI regional offices for the purpose of: Issuance of new/good quality notes and coins of all denominations, exchange of soiled/mutilated notes. render.’
Method of exchanging soiled/mutilated notes in the bank: There
is no need to open any account for the facility of exchanging soiled/mutilated notes. People can visit any of their nearest bank branches and use this service on all working days.
However, the value of such soiled/mutilated notes will be determined as per the rules specified by RBI and the Bank’s own internal policy. The rate of the note depends on the condition of the notes, torn, damaged etc.
