LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » Personal Finance News

Do you have these Currency notes? Beware! Why your bank may not accept them

Though the banks accept damaged/mutilated notes, the RBI has issued instruction asking the lenders not to accept some currency notes. 

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Do you have these Currency notes? Beware! Why your bank may not accept them
The banks follow the Reserve Bank of India's direction while exchanging the old notes. Reuters
Written By: ZeeBiz WebTeam
Updated: Fri, Dec 21, 2018
06:40 pm
ZeeBiz WebDesk
RELATED NEWS
For every rupee government earns, 53 paise to come from taxes For every rupee government earns, 53 paise to come from taxes
Rupee falls 24 paise to 73.48 against US dollar in early trade Rupee falls 24 paise to 73.48 against US dollar in early trade
CURRENCY IN CIRCULATION - Rise by Rs 3.23 lakh cr in first nine months of FY21; Know what people preferred in Covid times CURRENCY IN CIRCULATION - Rise by Rs 3.23 lakh cr in first nine months of FY21; Know what people preferred in Covid times
Rupee rises 7 paise to close at 73.24 a dollar Rupee rises 7 paise to close at 73.24 a dollar
Rupee slips 4 paise to 73.11 against US dollar in early trade Rupee slips 4 paise to 73.11 against US dollar in early trade

Indians love to deal in cash. Though the digital transactions are increasing gradually after demonetisation, the cash is still the king especially in small towns and rural areas. Though there is no issue with the use of cash but if you somehow get a mutilated note, then this might be a cause of concern for you. No one accepts the soiled/mutilated notes except the banks. The banks follow the Reserve Bank of India's direction while exchanging the old notes. If the total area of the note is below 40 per cent, you are unlikely to get any amount in return. (Read: Damaged currency notes exchange rules)

Though the banks accept damaged/mutilated notes, the RBI has issued instruction asking the lenders not to accept some currency notes. Read to find out whether you also have any of these notes. Below are the details:

1. Extremely brittle, burnt, charred, stuck up Notes
(a) Notes which have turned extremely brittle or are badly burnt, charred or inseparably stuck up together and, therefore, cannot withstand normal handling, shall not be accepted by the bank branches for exchange. Instead, the holders may be advised to tender these notes to the Issue Office concerned where they will be adjudicated under a Special Procedure.

2. Notes bearing "PAY" / "PAID" / "REJECT" stamps
(a) Every Officer-in-charge of the branch i.e. the Branch Manager and every Officer-in-charge of the Accounts or Cash Wing of the Branch shall act as 'Prescribed Officer' in each branch to adjudicate the notes received at the branch for exchange in accordance with Reserve Bank of India (Note Refund) Rules, 2009. After adjudicating mutilated notes, the Prescribed Officer is required to record his order by subscribing his initials to the dated 'PAY'/ 'PAID'/ 'REJECT' stamp. The 'PAY' /'PAID' & 'REJECT' stamps should also carry the name of the bank and branch concerned and held under the custody of the 'Prescribed Officer' to avoid misuse.

(b) Mutilated / defective notes bearing 'PAY'/'PAID' (or 'REJECT') stamp of any RBI Issue Office or any bank branch, if presented for payment again at any of the bank branches should be rejected under Rule 6(2) of Reserve Bank of India (Note Refund) Rules, 20 09 and the tenderer should be advised that the value of such note/s cannot be paid since the same has already been paid as is evident from the PAY/PAID stamps affixed on it/them. All bank branches have instructions not to issue notes bearing PAY/PAID stamps to the public even through oversight. The branches should caution their customers not to accept such notes from any bank or anybody else.

3. Notes bearing slogans / political messages, etc.
(a) Any note with slogans and message of a political nature written across it ceases to be a legal tender and the claim on such a note will be rejected under Rule 6(3) (iii) of Reserve Bank of India (Note Refund) Rules, 2009. Similarly, notes which are disfigured may also be rejected under Rule 6(3) (ii) of Reserve Bank of India (Note Refund) Rules, 2009.

Watch This Zee Business Tweet Video

गृहमंत्रालय ने एक आदेश जारी कर देश की 10 एजेंसियों को सभी नागरिकों का कॉल या डेटा इंटरसेप्ट करने का अधिकार दिया। pic.twitter.com/Hkq5n1OfMZ

— Zee Business (@ZeeBusiness) December 21, 2018

4. Deliberately cut notes
(a) The notes, which are found to be deliberately cut, torn, altered or tampered with, if presented for payment of exchange value should be rejected under Rule 6(3)(ii) of the Reserve Bank of India (Note Refund) Rules, 2009.

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Indian RupeeReserve Bank of India
RELATED NEWS
For every rupee government earns, 53 paise to come from taxes For every rupee government earns, 53 paise to come from taxes
Rupee falls 24 paise to 73.48 against US dollar in early trade Rupee falls 24 paise to 73.48 against US dollar in early trade
CURRENCY IN CIRCULATION - Rise by Rs 3.23 lakh cr in first nine months of FY21; Know what people preferred in Covid times CURRENCY IN CIRCULATION - Rise by Rs 3.23 lakh cr in first nine months of FY21; Know what people preferred in Covid times
Rupee rises 7 paise to close at 73.24 a dollar Rupee rises 7 paise to close at 73.24 a dollar
Rupee slips 4 paise to 73.11 against US dollar in early trade Rupee slips 4 paise to 73.11 against US dollar in early trade

LATEST NEWS

Ind vs Eng: Jasprit Bumrah released from squad for fourth Test

Sovereign Gold Bond Scheme 2021: Issue Price fixed at Rs 4,662/gm

Bank Holidays March 2021: RBI says banks will remain closed on these many days next month

Pensioners ALERT: RUSH! Last date to submit digital life certificate tomorrow—Avail doorstep service from SBI, PNB, BoB and other banks

ISRO First Mission in 2021: Indian rocket to launch Brazilian satellite, PM Modi picture on spacecraft, space privatisation and more

Govt sets 50 lakh users threshold to define 'significant social media intermediary' under IT rules

Petrol, diesel prices on February 27: Fuel prices hiked again today—check rates in your cities

7th Pay Commission Latest News: Check out these vacancies notified by UPSC; salary up to Rs 1,77,500 plus DA and other allowances

CBSE exam 2021: Class 10, 12 students should know THESE 10 points before appearing for board exams

Google fires 150 game developers hired for Stadia: Report

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved