RBI Rule: Good News! Torn note came out of an ATM, then replace it like this; Know the rules of RBI

Finance News Update

Exchange Torn Currency: Many times it is heard that even torn or mutilated notes come out from ATMs. Along with this, mutilated notes keep running in the market too. What would you do if you came across such a torn note? Today we are going to tell you the guidelines of Reserve Bank of India regarding torn notes. Along with this, we will also tell you how such notes can be changed.

This is the rule of RBI

According to the rules of RBI, you can easily get the old or pasted notes exchanged by going to the bank. The rule says that banks cannot refuse to accept those notes. Just such notes should not be fake. If any bank refuses to take notes, then you can complain to RBI, after which action can be taken against that bank.

Torn notes can be changed in any bank

RBI’s rule says that even if the notes are torn into several pieces, they can be used. Even if any part of the torn note is missing, it can be replaced. Normal mutilated notes can be exchanged at any of the bank branch counters or at any RBI office. For this you do not need to fill any form.

The full value of the torn note will not be available.

If there are normal mutilated notes, then you get full money in exchange for them, whereas if the note is more torn then you will get back only a percentage of the value of the note.

Full price is available for 1 to 20 rupee note

According to the rules of the Reserve Bank of India, there is no provision to give half the amount in notes ranging from Re 1 to Rs 20, these notes are paid in full. At the same time, there is a provision to give half a rupee in the note of 50 to 2000 rupees.

More burnt notes are deposited in RBI’s office

According to the RBI rules, notes cannot be exchanged in case of badly burnt, crumpled pieces. Such notes can be deposited in the issue office of RBI only. With such notes, you can pay your bills or taxes in the bank itself.


Source: zeenews


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