RBI Rules | Torn Soiled Or Mutilated Currency Notes Exchange Policy Explained | Important news – What to do if mutilated notes come out from ATM: Where and how to get the exchange done, know RBI’s rules for exchanging old damaged notes.

Many times, while purchasing goods from the market, a mutilated note accidentally reaches your pocket. The shopkeeper also refuses to accept such notes. Some people consider it a loss and forget it and do not even try to exchange the note. Similarly, many times there are complaints of mutilated notes coming out of ATM machines. Many times the money remains in the pocket of the pants and the pants go to be washed in the washing machine. Later it is found that the note is completely wet and spoiled.

Similarly, if there is a fire in the house and some of the cash kept in the house gets burnt, gets damp, gets eaten by termites or gets spoiled, what to do? Should we consider it a loss or is there any way to get new notes in exchange of these old, spoiled notes.

Actually, according to Reserve Bank of India (RBI), if you have any dirty, mutilated or damaged note, then you can exchange it by going to any bank or RBI office. Although there are some rules for that also.

so today needed news I will talk about how mutilated notes can be changed? You will also learn that-

Question: Where can old bad notes be exchanged?

Answer- See details in the graphic below-

Question- Do banks charge any fee for exchanging old and bad notes and giving new notes?

answer- No. Generally there is no fee for old currency exchange. But it also has a daily limit. The bank may charge some fees if the notes exceed that limit.

Question- What is the rule of RBI regarding old currency exchange?

answer- According to the Reserve Bank of India (RBI), a bad note is one which has become damaged due to regular use. This also includes those notes which have been broken into two pieces. No important information written in them has been spoiled or missing. All these notes can be exchanged from government banks, private banks, currency chest branches of banks or any office of the Reserve Bank of India. There is no need to fill any form to do this.

See all the important rules in the graphic below-

Question: What kind of notes can the bank refuse to exchange?

answer- According to the Reserve Bank of India (RBI), if the note is burnt, torn into pieces or badly damaged then the bank may refuse to exchange such note. These notes can be deposited in the issue office of RBI only. The bank can take back only those mutilated or soiled notes which have all the essential features of the note. Apart from this, if the note has been deliberately damaged then the bank may refuse to exchange such notes. See the details in the graphic below-

Question- What to do if you get a mutilated note from the ATM?

answer- While withdrawing money from ATM, sometimes mutilated notes may come out. People get stressed after seeing the torn note and wonder what will happen to it now? No shopkeeper will accept such notes. But there is no need to panic in such cases. If any mutilated note comes out from the ATM machine, then such note can be easily exchanged by going to the branch of the bank having the same ATM.

Question- What to do if a bank refuses to exchange mutilated notes?

answer- According to the RBI Note Refund Rules, 2009, no bank can refuse to exchange or refund torn, damaged, taped or mutilated notes. If a bank does this then customers can file a complaint online. On this, action will be taken against the bank by RBI and fine can also be imposed on the bank.

Question- According to RBI, what is the definition of damaged, burnt notes?

answer- According to RBI, bad notes have been divided into some parts. Such as-

dirty notes

According to RBI, ‘dirty notes’ means notes which are dirty due to normal wear and tear or which have tape on them.

mutilated notes

Mutilated notes are notes which have a part missing or are broken into more than two pieces.

burnt or stuck notes

Notes which have become weak due to excessive use or have been burnt due to some reason. Which have been so damaged that any information written on them is not clear. Such notes can be exchanged directly from the RBI office only.

,

Also read this news: Necessary news – Be careful while doing online shopping of Diwali: Do not get lured by unbelievable offers.

During Diwali, many e-commerce websites are also offering special offers with huge discounts and cashback. People want to take advantage of these offers by purchasing as much as possible. However, as easy as online shopping is, it can also be risky. Many types of scams can happen during festival times. Read the full news…

There is more news…