Indian Currency Rules: Many times old or torn notes come out while transacting from ATM, or torn notes come in hand while shopping. These notes are such that it is difficult to use them. In such a situation, there is no need to worry. You can change these notes very easily in the bank. Reserve Bank of India (RBI) has made strict rules regarding changing the notes. RBI rule says that the bank cannot refuse to change these notes. However, the bank has also made some rules regarding torn notes. Know about those rules here-
This is the rule of RBI
RBI rules say that torn notes can be exchanged at any bank. Customers can exchange notes at government bank branches, private bank currency chest branches or RBI issue office counters without filling any form. Banks cannot refuse to exchange these notes.
ATM torn notes
RBI’s rule says that the responsibility of ATM notes lies with the bank. It is not even the responsibility of the agency that puts money in the ATM to check the notes. If there is any defect in the note, then it should be checked by the bank employee only. If a note is damaged, torn or fake, then the customer can change the note by going to the branch of the bank from whose ATM he had done the transaction.
Notes can be exchanged up to a certain limit
RBI’s rules have also set a limit for exchanging notes. According to the rules, only 20 notes can be exchanged at a time and the value of these notes should not exceed Rs 5000. If there are more than 20 damaged notes, a transaction fee will be charged.
What kind of notes can be exchanged?
Notes on which serial number, Mahatma Gandhi’s watermark and Governor’s oath are visible, then these notes can be exchanged in the bank. However, badly burnt, torn notes cannot be exchanged. Such notes can be deposited only in the issue office of the Reserve Bank.
What if the bank refuses…?
If a bank refuses to change the notes, you have the option of filing an online complaint. In such a case, a fine of up to 10 thousand rupees can also be imposed on that bank.
