RBI Guideline: According to the guidelines of the central bank, if a bank refuses to exchange mutilated old notes, action will be taken against it.
Image credit source: Jagran
Exchange Old Notes : If you have mutilated old notes, now you can easily exchange them. You will not have to wander here and there to change mutilated notes. You can exchange mutilated old notes by visiting your nearest bank branch. RBI (Reserve Bank of IndiaAccording to the guidelines of RBI, if a bank refuses to exchange your mutilated old notes, then strict action can be taken against that bank by IRB along with fine can also be imposed. In case of non-exchange of mutilated old notes, you can file an online complaint against the bank on the official website (Online Complaint) can be registered.
RBI has said in its new rules that mutilated notes can now be changed by the bank and no one can refuse to change. If you have tape pasted or mutilated notes and you are unable to use them, then RBI has made rules to replace them. Actually mutilated notes are of no use and no one takes them. In such a situation, people have to face many problems.
RBI says that such notes can be changed by going to any bank. Along with this, RBI also said that no one can refuse to change bank notes. According to the guidelines of the central bank, if the bank refuses to do so, then strict action will be taken against it.
Note exchange conditions
Please tell that the spoiled notes can be changed in any bank, but there are some conditions for this. The worse the note, the lower its value. On the other hand, if a person has more than 20 bad notes and their total amount is more than Rs 5,000, then a transaction fee will be charged for it. Also, while exchanging notes, the security symbol must be visible in it. Otherwise your note will not be converted.
Bank does not change fake notes
The bank exchanges taped, slightly torn, mangled and burnt notes. Apart from this, keep in mind that the bank does not change fake notes and if you are found doing so then action will be taken against you. Apart from this, if the bank refuses to exchange the note, then an online complaint can be lodged. Along with this, action can also be taken against the bank employees. Depending on the complaint of the customer, the bank may have to pay damages up to Rs 10,000.
English News Headline : RBI Guidelines for Exchange Mutilated Old Notes.
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