Plan To Exchange Old Mutilated Notes, First Know What Are The Rules

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Exchange Torn Note: We often get torn old notes. The shopkeepers also refuse to take these notes, after which people are forced to keep them with them. At the same time, many such notes come to some people. If you also have torn notes, then you can exchange them. Today we will tell you how you can easily exchange torn notes:-

RBI has issued guidelines

  • The Reserve Bank of India has issued guidelines regarding the exchange of such mutilated notes.
  • According to this, all such notes which are not yet in a marketable condition, they should be withdrawn from circulation and new notes should be issued in their place in the market.
  • According to the guidelines, if you have any mutilated note, then exchange can be done from the bank or RBI office.
  • Whether the bank will charge you any fee for exchanging the note or not will also depend on how much the note is torn.

How many notes can exchange

  • According to the rules of RBI, only a maximum of 20 notes can be exchanged at a time. Their maximum value should not exceed Rs 5000. The bank makes the payment immediately over the counter.
  • If you exchange notes of more value than this, then the bank receives it and the money comes in your account.
  • Keep in mind that the bank may take a little more time for exchanging notes of more than Rs 50,000.

Which notes do banks take back?

  • Banks take back all types of mutilated notes, although it is necessary that all the necessary features of the note are present.
  • The bank does not take back the completely damaged or burnt notes.
  • The bank also sees whether any note has been damaged intentionally or not.

What to do with more damage notes

  • Badly damaged, burnt or many notes stuck together can also be exchanged.
  • Usually banks refuse to exchange such notes. In such a situation, you should go to any RBI office.
  • Here these notes are treated differently. So that you can get your money. Although you may have to pay some fee for this.

get half the amount

  • The bank will return the money to you according to the amount of torn note you have with you.
  • According to the rules of RBI, only the full payment of notes from Re 1 to Rs 20 is made.
  • At the same time, there is a provision to give half a rupee in the note of 50-2000 rupees.

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