Damaged Currency Notes: How to get them changed - RBI rules
damaged currency notes: how to get them changed – rbi rules
Discovering damaged notes in your wallet can be a hassle, but fear not! Understanding RBI guidelines can smooth the process of getting them exchanged. The RBI has some guidelines so that banks can exchange damaged currency notes, and no one can refuse to do so.
The RBI has established guidelines for replacing notes that have been taped, pasted, or otherwise altered and are no longer usable. Neither the torn notes nor anyone taking them are of any use.
Without filling out any forms, these exchanges can be made at the counters of any public sector bank branch, any private sector bank’s currency chest branch, or any RBI Issue Office. The exchange service for damaged notes is also provided through TLR (Triple Lock Receptacle) covers for the convenience of the general public.
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According to the RBI’s regulation, these notes can be exchanged by going to any bank. No bank is allowed to refuse to exchange notes, according to the RBI as well. In accordance with directives from the central bank, the bank will face consequences if it declines to comply.
RBI conditions for currency note exchanges that are damaged
Damaged notes may be exchanged at the bank, subject to the following requirements:
The note’s value will decrease depending on the quality.
The transaction fee will be applied if an individual has more than 20 damaged notes totaling more than Rs 5,000.
Before making an exchange, it is crucial to check if the note has security symbols on it.
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Damaged currency notes exchange rule: recycling of damaged notes
There won’t be any in circulation if the RBI swaps the damaged banknotes. The RBI intends to produce new notes.
These damaged notes were previously burned, but they will now be broken up into tiny pieces and repurposed. These notes are also used to create paper goods that are marketed.
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Rules for exchanging damaged currency notes: What to do if a bank breaks the rules
You can file a complaint online if the bank declines to exchange the notes. There will be consequences for the bank staff. The bank may compensate damages up to Rs. 10,000 in response to the customer’s complaint.
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