Reserve Bank of India has made rules to exchange mutilated notes. Under this, 14 types of notes are exchanged.
New Delhi: Sometimes a note comes to many people that it is either torn or torn by itself. This must-have happened to almost everyone at one time or another. In such a situation, people either request to change it to the shopkeeper or get it changed on the basis of commission. However, the Reserve Bank of India has made a rule in this regard. RBI changes the mutilated notes according to the size. For this, RBI has set some standards.
There are 14 types of notes running in the country. Of these, 12 types of notes were exchanged, but there was no rule to exchange 200 and 2000 notes. Now the Reserve Bank has issued a new rule. On September 5, 2018, by issuing a gazette, the Reserve Bank of India has fixed the rules for exchanging notes. A total of 14 types of mutilated notes running in the country can be changed with certain conditions. RBI does not charge any money to exchange notes from Re 1 to Rs 20. However, for this, the length of the mutilated notes should be fixed. That is, after being damaged, notes are changed according to the length of the notes.
According to the rules of the Reserve Bank of India, notes cannot be exchanged in case of badly burnt, torn pieces. Such notes can be taken only at the issuing office of RBI. Also, notes on which slogans or political messages are written cannot be used as currency. If the bank officer thinks that you have intentionally torn or cut the note, he can refuse to exchange your currency. RBI notes changes with these conditions.
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