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If you have mutilated or rotten notes, then there is no need to panic at all. The Reserve Bank has issued new rules regarding this.
Paper notes are used in India, so it is very common for them to get dirty or mutilated. Many times when we go to withdraw money from Bank ATM, we still come out with torn notes. If you have such notes whose pieces are different or are in very bad condition, then now rules have been issued by the Reserve Bank of India regarding this.
The Reserve Bank of India (RBI) has ordered every bank in India to provide the facility of exchange of soiled, mutilated and damaged notes for new notes, but rules have been made to determine the value of such notes. Let us know about these rules –
No one can refuse to exchange
According to the information received from RBI, if you also have mutilated or rotten notes, then there is no need to panic at all. RBI and no other bank can refuse to accept such notes. Under the RBI (Note Refund) rules, mutilated or rotten notes can be exchanged.
Refund depends on the condition of the note. Let ustell you that the useless notes can be exchanged at RBI offices or banks across the country. However, the refund entirely depends on the condition of the note.
No need to open a bank account
According to Prashant Joshi, managing director and head of consumer banking group, DBS Bank India, a person does not need to open an account for the facility of exchanging soiled and mutilated notes. He can go to any of his nearest bank branches and do this work anytime. This service can be used on all working days.
What kind of notes are mutilated below -
Sivaraman K, General Manager and Head of Banking Operations Group of South Indian Bank, has said that a currency note is called mutilated when a part of it is either missing or the note is made of more than two pieces.
How much is the value of mutilated notes -
Let us tell you that the value of such dirty and mutilated notes is decided by RBI and as per the bank’s own rules. According to Joshi, the value of a bank note you will get depends on the quality of the note. Customers may get full, half or even not the value of the note. If the note is less mutilated then you can get the right price. At the same time, if it is too damaged then you may get half the price or may not get it at all.
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