If a bank refuses to exchange mutilated notes, customers can complain online on the official website of RBI.
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RBI New Guidelines: If you have mutilated 100, 200, 500 rupee notes and you are facing difficulties in getting those notes replaced. So you don’t need to worry anymore. You can easily replace your mutilated notes. Because reserve Bank of India (RBI) has issued guidelines to replace mutilated notes. People often find it difficult to deal with soiled notes, as they are not accepted by shopkeepers or circulated in the market.
Sometime back people had to go through middlemen to exchange notes, but this led to fraud and spread of misinformation. To avoid such situations, RBI has outlined the following guidelines for exchange of mutilated notes.
- Any note which is mutilated, soiled, or missing numbers can be deposited at any public sector bank branch or RBI office without filling any form.
- People can change a maximum of 20 notes at a time, whose maximum value should not exceed Rs 5000. Banks will pay the value of the notes immediately over the counter. For higher denomination notes, the bank receives the note and deposits the money into the person’s account. It may take more time to exchange notes above Rs 50,000.
- If a bank refuses to exchange mutilated notes, customers can complain online on the official website of RBI. Banks not following the guidelines may face action and fines.
- Badly burnt or mutilated notes cannot be exchanged at the bank. These can be deposited only at the Issue Office of RBI.
- The value of the note will depend on how much it is torn or damaged. For example, if the note of 2000 rupees is 88 square centimeters, then the full value will be given. Half the money will be given for a note of 44 square centimetres.
- Banks will not exchange fake notes and if found doing so, strict action will be taken against them.
Let people know that it is very important to keep in mind that people should not fall under the trap of touts or touts who can take advantage of your helplessness. By following these guidelines, people can easily exchange their bad notes without any hassle.
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