The RBI has issued new guidelines through a gazetted notification for all notes which were issued post note ban. There was a lack of clarity of how to exchange Rs 2000 and Rs 200 notes introduced after demonetization.
While there are clear rules to replace notes worth Rs 5, 10, 20, 50, 100 and 500, people were unsure how to exchange old Rs 200 and Rs 2000 notes.
“We further inform that there is a change in the minimum area of the single largest undivided piece of the note required for payment of full value for notes of rupees fifty and above denominations…,” the RBI said.
For full refund of a damaged Rs 2000 note, the undivided areas of the single largest piece should be at least 88 square cm for full refund and 44 square cm for half refund. The 2000 note is currently 109.56 square cm.
For damaged Rs 200 note, the criteria is 80 sq cm for a full refund and 40sq cmfor a half refund.
Rules for denominations less than Rs 50
Rules for denominations equal to and more than Rs 50.
