Mutilated currency notes come to every person. Many times torn old notes come out in the middle of the pile of notes, and sometimes a shopkeeper gives us such notes. Generally, people go to the shopkeepers who change the notes and give them some commission and get the mutilated notes changed.
But, you do not need to do this. You can take new notes (Mutilated Note Exchange) instead of torn notes by going to the bank for free. If the cut or torn currency note given by the customer meets the guidelines made by the Reserve Bank of India (RBI), then no bank can refuse to replace it.
RBI has also fixed the limit for exchanging notes at one go. But, the thing to note here is that you cannot exchange notes in any cooperative bank, regional bank and rural bank. Notes can be exchanged in private banks as well as nationalized banks. It is not necessary to have an account with the bank in the branch where you are going to exchange the notes.
20 notes can be exchanged in one go
1 person can get more than 20 notes exchanged at a time. But, the value of these twenty notes should not exceed Rs.5000. 20 notes and if the value is less than 5 thousand rupees, the bank will immediately exchange the note. If on exchange of more than this amount, the bank will keep the mutilated notes, but will transfer the money to the customer’s account. It takes some time.
How much money will be received
If the note is too much cut or torn or damaged, then only the customer does not get the full money. If there is 88 square centimeters of a 2000 rupee note, you will get the full price. At the same time, if there is a share of 44 square centimeters, you will get half the money. Similarly, if 78 square centimeters of a torn note of 200 rupees is safe, full money is received and half the money if it is 39 square centimeters. Similarly, torn notes of 10, 20, 50, whose at least fifty percent part is safe, then in return you will get another note of the same value back.
Banks that require this sign
change only those currency notes on which security signs such as serial number, Gandhiji’s watermark, governor’s signature, etc. are visible. If these marks are not on the note, then the bank note will not change.
