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How to exchange mutilated and torn notes? RBI guidelines and rules you need to know
RBI issues guidelines for easy exchange of mutilated notes to prevent fraud.
Updated : Feb 21, 2023, 09:43 AM IST | Edited by : Raunak Jain
 "RBI, RBI Rules, Mutilated Note, Damaged Note, Currency Note, Damaged Note Exchange, Bank Note Exchange, Bank Note Exchange")
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The Reserve Bank of India (RBI) has issued guidelines on how to exchange mutilated notes. People often have trouble dealing with damaged notes, as they may not be accepted by shopkeepers or circulated in the market. In the past, people have had to go through brokers to get the notes exchanged, but this has led to fraud and misinformation. To avoid such situations, the RBI has outlined the following guidelines for exchanging mutilated notes:
1. Any notes that are damaged, soiled, or missing numbers can be deposited at any public sector bank branch or RBI office without any forms being filled out.
2. People can exchange 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 notes of higher value, the bank receives the notes and puts the money into the person's account. It may take longer to exchange notes above Rs 50,000.
3. If a bank refuses to exchange mutilated notes, customers can complain online on the RBI's official website. Banks that do not comply with the guidelines may face action and fines.
4. Badly burnt or mutilated notes cannot be exchanged at the bank. These can only be deposited at the RBI issue office.
5. The value of the note will depend on how torn or damaged it is. For example, if a 2000 rupee note is 88 square centimeters, the full price will be given. Half the money will be given for a note that is 44 square centimeters.
6. Banks will not exchange fake notes, and action will be taken against anyone found doing so.
It is important to note that people should not fall prey to brokers or touts who may take advantage of the situation. By following these guidelines, people can easily exchange their damaged notes without any hassle.
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