RBI Damage Note Exchange Policy: Many times mutilated notes (Damage Note) come to you in some form or the other. Sometimes it happens by getting inside the bundle of notes, sometimes by taking payment from someone in haste.
Now no one takes such notes from you. Any vegetable seller, auto seller, bus seller or milk seller from you flatly refuses to accept such notes. Now you have only one option left, that is, there is a way to go to the bank and deposit the note. Know what rules RBI has set for the bank in this regard.
Bank will change bad note
Often in the market, no shopkeeper takes the note if it is mutilated or damaged. Because of this, such bad notes get accumulated with you. You can easily exchange such notes by going to the bank. The bank replaces your bad notes except some conditions. A circular has also been issued in this regard by the Reserve Bank of India (RBI Bank).
Bank will not refuse to exchange notes
According to RBI rules (RBI Bank Rule), you can easily change your notes by going to your nearest bank or RBI office. Although the bank cannot deny this clearly. Note limit is fixed for this. 1 person can get more than 20 notes exchanged at a time. But its value should not exceed Rs.5000. So the bank will pay it immediately. If the note is exchanged for more than this, the bank receives it, and the money is transferred to your account. The bank takes a little longer to exchange notes above Rs 50,000.
Bad notes from atm
It has been seen many times that some bank ATMs dispense bad notes. If something similar has happened to you too, then what should you do? You have to go to the bank whose ATM is there. You will have to explain the whole matter in writing to the bank branch. Along with this, ATM slip will also have to be shown. If the slip does not come out from the ATM, then the details of the SMS received on the mobile will have to be given. Only after this your notes can be easily changed.
How much will you get on torn note
You get money back according to how much your note is torn. For example, 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.
If no one listens, then take help from here
Often the bank always sees the condition regarding the torn note. If the note is intentionally torn, or completely burnt, it cannot be replaced. Such notes have to be deposited in the RBI office itself. You can give a missed call to RBI’s helpline number 14440 to get more information related to note exchange.
