Have damaged, soiled or mutilated currency notes? They can be exchanged? Know what RBI says
The Reserve Bank of India (RBI) has mandated banks to exchange damaged, soiled or mutilated currency notes.
Do you have damaged, soiled or mutilated currency notes? Such notes are generally not being accepted in the market for making payments. If you have such notes and you are wondering what to do, then you can know that the Reserve Bank of India (RBI) has mandated banks to exchange such notes.
According to the RBI the facilities provided to the members of public for exchange of their soiled, mutilated etc. notes are as under.
See Zee Business Live TV Streaming Below:
Soiled notes are those which have become dirty and slightly cut. Notes which have numbers on two ends, i.e. notes in the denomination of Rs 10 and above which are in two pieces, are also treated as soiled note. The cut in such notes, should, however, not have passed through the number panels. All these notes can be exchanged at the counters of any public sector bank branch, any currency chest branch of a private sector bank or any Issue Office of the Reserve Bank of India. There is no need to fill any form for doing this.
Notes which are in pieces and/or of which the essential portions are missing can also be exchanged. Essential portions in a currency note are name of issuing authority, guarantee, promise clause, signature, Ashoka Pillar emblem/portrait of Mahatma Gandhi, water mark. Refund value of these notes is, however, paid as per RBI(Note Refund) Rules. These can also be exchanged at the counters of any public sector bank branch, any currency chest branch of a private sector bank or any Issue Office of the RBI without filling any form.
Other facilities for exchange
To suit public convenience, the exchange facility for mutilated notes is also offered through TLR(Triple Lock Receptacle) covers. Members of public can obtain from the Enquiry Counter of the Reserve Bank a TLR cover and put their notes in the cover with particulars, such as, name, address, denominations of notes deposited, etc. filled in the columns provided on the cover, close it and deposit it in a box called Triple Lock Receptacle against issue of a paper token.
This box is kept at the Enquiry counter at each Issue Office of the Reserve Bank. The admissible exchange value of the mutilated notes will be remitted by means of a bank draft or a pay order. Mutilated notes can also be sent to any of the RBI offices by registered/insured post.
Excessively soiled, brittle, burnt notes
Notes which have become excessively soiled, brittle or are burnt and, therefore, cannot withstand normal handling can be exchanged only at Issue Office of the RBI. Persons holding Issue Department of the Reserve Bank for this purpose.
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.