For Holi, shops of colours, abir and pichkari have been decorated in the markets and crossroads of the city and villages. But during Holi, when colors are often added, the notes in the pocket become colorful. After which many times shopkeepers refuse to accept these notes. Do you know what are the rules of Reserve Bank of India regarding these notes? After all, how can these notes be circulated in the market?
colored notes
Don’t feel bad, it’s Holi. During Holi, people often say this after adding Holi colours. Many times it also happens that when you are going out of office or for some important work, a child or an elder throws color on you. Due to which, along with the clothes, the notes in the pocket also become colored. In such a situation, when you give these notes to a shopkeeper, he often refuses. But when you tell them the rules of Reserve Bank of India, they cannot refuse to take these notes. Because the rule of RBI is that no shopkeeper can refuse to accept colored notes.
torn notes
Many times it happens during Holi that notes get torn after falling in water. In such a situation, according to the rules of the Reserve Bank of India, you can exchange your old, torn, bent notes in all the banks of the country. No fee is charged by the bank for this. Apart from this, it is not necessary to be a customer of that bank.
How much money will you get back from the note?
On exchanging any torn note in the bank, the bank returns the money to you according to the condition of that note. For example, if a Rs 2000 note is 88 square centimeters (cm), you will get the full amount. But only half the price will be available on 44 square cm. Similarly, if you pay 78 square cm of a torn Rs 200 note, you will get full money, but if you give 39 square cm, you will get only half the money. Let us tell you that as per the rules of Reserve Bank of India (RBI), every bank will have to accept old, torn or bent notes provided they are not fake.
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