RBI guidelines for mutilated defected damaged currency notes, how to exchange in banks, know here

Many times old or torn notes come out while transacting from ATM, or torn notes come in hand while shopping. These notes are such that it is difficult to use them. In such a situation, there is no need to worry. You can change these notes very easily in the bank. The Reserve Bank of India (RBI) has made strict rules regarding changing notes. RBI’s rule says that the bank cannot refuse to change these notes. However, the bank has also made some rules regarding torn notes. Know about those rules here-

This is the RBI rule

RBI’s rule says that torn notes can be changed in any bank. Customers can change notes at government bank branches, private bank currency chest branches or RBI issue office counters without filling any form. Banks cannot refuse to change these notes.

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ATM’s torn notes

RBI’s rule says that the responsibility of ATM notes lies with the bank. It is not the responsibility of the agency that puts money in the ATM to check the note. If there is any defect in the note, then it should be checked by the bank employee only. If a note is damaged, torn or fake, then the customer can go to the branch of the bank from whose ATM he had done the transaction and change the note.

Notes can be changed upto a fixed limit

The limit for changing notes has also been fixed in the RBI rules. According to the rule, only 20 notes can be changed at a time and the value of these notes should not be more than 5000. If there are more than 20 damaged notes, then a transaction fee will be charged.

What kind of notes can be changed?

Notes on which the serial number, Mahatma Gandhi’s watermark and the Governor’s oath are visible, then these notes can be changed in the bank. However, badly burnt, torn notes cannot be changed. Such notes can be deposited only in the issue office of the Reserve Bank.

If the bank refuses to change the notes then you have the option of filing a complaint online. In such a case, a fine of up to 10 thousand rupees can be imposed on that bank.

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