Reserve Bank issues new guidelines for Rs 10, 20, 50, 100, 200 or 500
Reserve Bank issues new guidelines for Rs 10, 20, 50, 100, 200 or 500
As per information from RBI there is no need to panic for mutilated or rotten notes,
The Reserve Bank of India (RBI) has ordered every bank in India to provide the facility of exchange of soiled, mutilated and damaged notes for new notes, but rules have been made to determine the value of such notes.
No one can refuse to exchange.
According to the information from RBI for mutilated or rotten notes, there is no need to panic at all. RBI and no other bank can refuse to accept such notes.
Refund depends on the condition of the note. Useless notes can be exchanged at RBI offices or banks across the country. However, the refund entirely depends on the condition of the note.
There is no need to open a bank account. According to Prashant Joshi, managing director and head of consumer banking group, DBS Bank India, a person does not need to open an account for the facility of exchanging soiled and mutilated notes. He can go to any of his nearest bank branches and do this work anytime. This service can be used on all working days.
Sivaraman K, General Manager and Head of Banking Operations Group of South Indian Bank, has said that a currency note is called mutilated when a part of it is either missing or the note is made of more than two pieces.
The value of such dirty and mutilated notes is decided by RBI and as per the bank’s own rules. According to Joshi, the value of a bank note you will get depends on the quality of the note. Customers may get full, half or even not the value of the note. If the note is less mutilated then you can get the right price. At the same time, if it is too damaged then you may get half the price or may not get it at all.
According to RBI rules, about notes worth less than Rs 50, then in this situation if note is 50 percent or less damaged then one can get the full value. At the same time, if the note is more than 50 percent damaged then it is possible that one may not get even a single rupee.
As per information given on the official website of RBI, the length of Rs 2000 note is 16.6 cm, width is 6.6 cm and area is 109.56 square centimeters. At the same time, if your note is 88 square centimeters, you will get the full amount. Apart from this, if your note is 44 square centimeters then only half the refund will be given.
At the same time, the length of Rs 500 note is 15 cm, width is 6.6 cm and area is 99 square centimeters. In such a case, if the size of Rs 500 note is 80 square centimeters, then full refund will be given, whereas if it is 40 square centimeters, half the refund will be given.
News Edit K.V.Raman
