RBI Rules for Damaged Currency Exchange: When we go to the shops, on trips or on public transportation, some of the counterfeit notes come to us. But, when we try to give them to someone else many people refuse to buy it.
In such a situation, the problem arises in converting this note in the market. But, in such a situation, there is no need to fear or give the distorted note to anyone else. You can easily exchange these at banks.
The bank cannot refuse to exchange the defaced notes
Defective notes can be easily exchanged from any bank as per the rules of the Reserve Bank. No bank can refuse to exchange torn notes. In doing so the Reserve Bank can take action against that bank.
However, it is noteworthy that the worse the condition of the note, the lower its value. For the convenience of customers, the Federal Reserve has issued some guidelines for this. You can find out more about those guidelines in this post.
These things must be clearly seen in the distorted banknotes
- According to the rules of the Reserve Bank, if a customer takes a counterfeit note to the bank, the bank first checks for security features such as Gandhiji’s picture, RBI Governor’s signature, watermark and serial number.
- If all these are present, after this, the bank cannot refuse to change the note.
- If you have low denomination notes like 5, 10, 20 and 50 rupees and you know the above mentioned things in them, if any part of it is good, you can easily transfer that note from the bank.
- On the other hand, if you have more than 20 torn notes and their value is more than 5000 rupees, you have to pay a fee to exchange those notes.
- The bank will convert the rupee note after payment.
You can also replace torn / damaged notes
- Many times the notes are torn to shreds. Even so, owning one is still beyond the reach of the average person.
- But for this, the pieces of this rupee note should be sent to the nearest Reserve Bank branch.
- In addition, the bank account number, IFSC code and the value of the note should be written and sent.