New Delhi: Did you attempt to withdraw ATM money and one of many notes within the bundle was a torn or tattered note? Or did somebody neatly attempt to go off a brittle note and also you accepted it inadvertently? If that occurred, do not spend your time worrying as to how one can trick others into accepting the identical from you. Instead, observe these tips as issued by the Reserve Bank of India.
As per RBI, a mutilated note is a note of which a portion is lacking or which consists of greater than two items. Mutilated notes could also be offered at any of the financial institution branches. The notes so offered shall be accepted, exchanged and adjudicated in accordance with Reserve Bank of India (Note Refund) Rules, 2009.
RBI has mandated that every one branches of banks in all elements of the nation are mandated to present the next buyer providers to the folks in order that there isn’t any need for them to strategy the RBI Regional Offices for this objective:
(i) Issuing contemporary / good high quality notes and cash of all denominations on demand.
(ii) Exchanging dirty / mutilated / faulty notes (Small Finance Banks and Payment Banks could exchange mutilated and faulty notes at their possibility).
(iii) Accepting cash and notes both for transactions or exchange.
What to do with mutilated Indian currency notes?
Currency notes that are in items and/or of which the important parts are lacking may also be exchanged. Essential parts in a currency note are identify of issuing authority, assure, promise clause, signature, Ashoka Pillar emblem/portrait of Mahatma Gandhi, water mark. Refund worth of those notes is, nevertheless, paid as per RBI (Note Refund) Rules. These may also be exchanged on the counters of any public sector financial institution department, any currency chest department of a personal sector financial institution or any Issue Office of the RBI with out filling any kind.
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