Wednesday, June 29, 2022
IndiaHow to replace a damaged Indian currency notes? Here are the rules...

How to replace a damaged Indian currency notes? Here are the rules and guidelines

RBI Rules for Damaged Currency Is the rupee note torn? Can it be changed? What are the terms of the change?

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.

Covid India Active Cases

Total active cases
Updated on June 28, 2022 11:56 pm Protection Status

Related Stories

Trending Stories

Who hasn’t accepted your friend request on Facebook? In this section you can see

Connecting with others on the popular social media platform Facebook requires sending them friend requests, but you can hardly remember how many people you've...

IND vs Eng 2022 Rohit Sharma Tests Covid-19 Positive in England

With the only Test match between India and England set to start on July 1, captain Rohit Sharma has been ruled out with a...

DMK MP Tiruchi Siva son BJP leader Suriyaa Sivaa arrested

DMK's state level MP Trichy Siva is also the Secretary for Policy Outreach. He is also the party's main leader in the Central Region. In...

Kawasaki Ninja 400 Super Bike Price On Road, Features, Booking Online Launched India

Kawasaki has launched the updated 2022 variant of its Ninja 400 bike in the Indian market. The Japanese bike maker has launched this powerful...

53 year old woman studied secretly, found success after 37 years of leaving school

'There is no age for reading and learning', this proverb fits perfectly on the 53-year-old Kalpana Achyut, who hails from Maharashtra . Kalpana has recently...

Recently Popular

Rashmika Mandanna Birthday Celebration Pictures April 5

Rashmika Mandana Birthday: Everyone knows today's top popular beautiful actress Rashmika Mandana of South India....

Nawazuddin Siddiqui film ‘No Land’s Man’ selected for Sydney Film Festival

Nawazuddin Siddiqui is considered to be the serious actor of Bollywood. He plays every type of...

UPJEE 2022 Now Polytechnic Joint Entrance Examination will conducted from 27th to 30th June

Joint Entrance Examination Council, Uttar Pradesh (JEECUP) has changed the dates of Uttar Pradesh Joint...

CSK vs GT IPL 2022 Dream XI Prediction 62nd match May 15

Chennai Super Kings (CSK) and Gujarat Titans (GT) will clash in the 62nd match of...

Robinhood is going to buy US crypto-exchange FTX? Shares jump 14% on news

Shares of American company Robinhood, which provides trading on zero-commission, jumped about 14 percent on...

Actress Sahana found dead on her birthday, family accuses husband of murder

Kerala: Model and actress Sahana was found dead on Thursday night. The police got information...

Recommended Stories

Trending Now