Damaged Note Exchange RBI Rule: According to the rules of the Reserve Bank of India, a person can exchange a maximum of 20 torn notes at a time, the total maximum value of these notes should not exceed Rs 5,000.
Damaged Note Exchange RBI Rule: Often when you go to withdraw money from ATM and you get torn notes, you get worried and start thinking that who will take these useless notes now and what will happen to them? But, there is no need to worry about it, whether it is a big or small note, it can be easily changed and a new note can be obtained.
The special thing is that banks cannot refuse to change these notes. Reserve Bank of India (RBI) has set rules for changing torn notes and till now it is also making people aware through TV advertisements and social media. So now instead of pasting torn notes and running them secretly, you can change them and get new notes under the RBI rules.
It is very easy to change torn notes
If this case of getting torn notes comes to the fore with you, then do not panic at all. You can easily change these notes. RBI’s rule clearly states that if torn notes come out of the ATM, the bank cannot refuse to exchange them. The process of changing notes in banks is not long, rather it is done in minutes. Its method is also very easy.
First of all you have to do is to take these torn notes to the bank from which the ATM machine came out. There you have to write an application in which you have to mention the date, time of withdrawal and the name of the ATM from which the money was withdrawn. Along with this, a copy of the slip that came out from the ATM has to be attached. If the slip is not there then you can give the transaction details received on the mobile.
Awareness is also being created through advertisements
As soon as you give all the details to the bank, you will be given other notes of that value immediately. In April 2017, RBI has said in one of its guidelines that the bank cannot refuse to change torn and dirty notes. All banks will change people’s torn and dirty notes in every branch and this will be done with all the customers.
Apart from this, RBI also keeps issuing circulars from time to time regarding these torn notes. As of now, the Reserve Bank is also making people aware about this through TV advertisements and social media.
Where and what kind of notes will be exchanged
According to the RBI circular, torn notes can be exchanged at RBI issue office, all public sector banks or chest branches of private sector. If you have torn or rotten notes and their number panel is correct, then notes of value more than Rs 10 can be exchanged. According to the rules of the Reserve Bank, a person can exchange a maximum of 20 notes at a time, the total maximum value of these notes should not exceed Rs 5,000.
However, in some situations the notes cannot be exchanged. According to the rules of the Reserve Bank of India, notes cannot be exchanged if they are badly burnt or torn. Such notes can be deposited only in the issue office of RBI. As per the rules, if any bank refuses to exchange your torn notes, then you can complain about it directly to the central bank.
