Note Exchange: Many times it happens that a shopkeeper in the market gives you mutilated notes. Then you don’t see it, but when you come to know about it in the bar, then you get upset thinking that how will it run in the market now? Mutilated notes can be easily exchanged at any bank branch. If any bank refuses to exchange these notes, then action can be taken against it. It is very important to note here that the worse the condition of the note, the lower its value. The Reserve Bank (RBI) has also given guidelines to exchange such notes. Let us know how and which notes you can change…
These are the rules of RBI
If you have torn notes of low value like 5,10,20 or 50 rupees then it is necessary to have at least half of such notes. That is, if there is a torn note of 20 rupees and 50 percent of it is safe, then in return you will get the correct note of 20 rupees. If the number of mutilated notes is more than 20 and their value is more than Rs 5,000, then in this case you will have to pay the fee. The simple rule of exchanging notes is that if the security mark present in the note like Gandhiji’s watermark, RBI governor’s signature and serial number are visible, then banks cannot refuse to exchange such notes.
Which notes will not be exchanged
RBI says that if the note is not fake then it can definitely be changed. Old and torn notes can be easily replaced. No fee is charged from you for this. But, if your note is badly burnt or has too many pieces, then the note will not be replaced. If the bank official feels that you have intentionally cut or torn the note, then even in this situation he can refuse to exchange your note.
You get this much money back for torn notes
How much money he will get for replacing the torn note depends on how much the note is and how much it is torn. Suppose if the part of 2000 rupees note is 88 square centimeter, you will get full money, whereas, if there is 44 square centimeter part, you will get half the value. Similarly, if 78 square centimeters of a torn note of 200 rupees is safe, then full money will be available, but only half the money will be available on 39 square centimeters.
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