Bad Note Exchange- Many times we get such notes which are cut or torn. At times, notes get torn due to our carelessness. Many notes get torn or dirty due to being old. In such a situation, we are unable to use such notes further, but do you know that according to the Reserve Bank of India (RBI), torn or cut notes can be exchanged at the bank. Yes, according to the rules of RBI, torn or cut notes can be easily exchanged at the bank.
If you also have a damaged or torn note, you can go to the bank and change your note. However, many times the bank refuses to change the note. In such a situation, you must first know about all the rules of RBI for changing the note. Today we are going to tell you about the rules of RBI for changing the note. Let’s know.
Notes get spoilt in three ways
Any note can get damaged in three ways. In the first case, the note gets dirty and torn. In the second case, some part of the note gets torn and disappears. In the third case, there is an error in the printing of the note, i.e. the note is not printed correctly. People can change all the three types of notes by going to the bank.
When can banks refuse to change notes?
If any damaged note can be easily identified as to what is the value of that note or if only a part of the note is dirty or torn, then the bank easily changes the note but if more than half of the note is torn or missing or if more than half of the note is not recognizable, then in such a situation the bank can refuse to change the note.
Where and how to change?
You can change torn, dirty or old notes at any branch of commercial bank, cooperative bank or regional rural bank. For this you do not need to go to RBI office. Notes with minor damages are immediately changed at the bank counter. However, if the note is very torn or incomplete, then the matter is sent to RBI’s adjudication process. The special thing is that for this you do not need to be a customer of that bank.
How much value will you get?
If more than half of the note is clean and recognizable, you will get its full value. But if less than half of the note is left, the bank will reject it. Especially 500 and 2000 rupee notes are checked strictly so that there is no fraud.
