Torn Currency Note Exchange Process: The need for cash can arise anytime. That is why people withdraw money from banks and ATMs. Sometimes torn notes are also found in them. Sometimes notes kept in homes for a long time also get torn. When you go to a shop or anywhere else to buy something with such notes, you are not able to get the goods due to the torn notes.
For this, it is necessary that you exchange your torn notes. Many people may not know that you can exchange your torn notes by going to the bank. For this, the Reserve Bank of India has also issued rules. How can you exchange your torn notes? What is the process and rules for this? Let us tell you.
The bank cannot refuse
In the year 2017, the Reserve Bank of India issued a guideline. In which it was said that if a person withdraws money from an ATM and torn notes come out, then the bank will have to change the notes. The bank cannot refuse to do this. If your bank refuses to change the notes, then you can go to RBI and complain about your bank. However, you can change the notes only within a fixed limit.
How to change notes?
If you have withdrawn money from an ATM and torn notes have come out, then you will have to go to the same bank from whose ATM the torn notes have come out. You will have to go to the bank and get an application form in which you will have to enter all the information. In which you will have to tell from which ATM you withdrew the money. On which date you withdrew the money. Where was the ATM located. And how much money did you withdraw. After entering all this information in the application form, you will also have to attach a copy of the transaction slip or the transaction message. After this the bank will change your notes.
keep these things in mind
As per the rules made by the Reserve Bank of India, notes are exchanged only when the notes are in perfect condition. The watermark, serial number and signature of the RBI governor should be clear in the notes. And no part of them should be torn. You cannot exchange notes worth more than Rs 5000 at a time in the bank. If the note is too damaged, it will not be exchanged.
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