Damaged Currency Notes Exchange: RBI has made rules for changing torn or burnt notes. By following these rules you can avoid loss. If you have torn, burnt or stuck notes then here we will tell you how you can change torn, burnt or stuck notes.
Mutilated Note Exchange: Sometimes we come across torn, burnt or stuck notes. Often we have seen that if the note is slightly torn, some people try to fix it by applying tape. An attempt is made to save the burnt notes by cutting their edges. Water or other adhesives are used to separate the stuck notes. After doing all this, some people try to circulate these notes in the market, which is wrong and illegal.
When you go to the market with such notes, shopkeepers often refuse to accept such notes, which causes you loss. If you deliberately circulate torn, burnt or stuck notes, you may have to face legal action. Now what is the benefit of these Jugaads? In such a situation, the question arises in the mind that what to do with these notes?
Rules for changing torn or burnt notes
According to the rules of the Reserve Bank of India (RBI), you can deposit torn notes in your nearest bank. RBI has made rules for changing torn or burnt notes. By following these rules you can avoid loss. If you have torn, burnt or stuck notes, then here we will tell you how you can change torn, burnt or stuck notes. So let’s know…
What does RBI say on torn notes?
According to RBI, a torn note is a note whose part is missing or is joined in more than two pieces. No form is required to exchange torn notes.
Torn notes up to Rs 5000 will be exchanged for free
If you deposit a torn note of up to 20 pieces of value up to Rs 5000 in the bank, the bank will exchange it for free. But, if you deposit a torn note of more than 20 pieces or value of more than Rs 5000, then in such cases, the bank will evaluate the notes and deposit the value in your account later. In this situation, the bank can also charge a service charge. At the same time, the bank will take some necessary precautions while depositing torn notes of more than Rs 50,000.
Let us tell you that the value of torn notes will be available as per RBI’s note refund rules.
What to do with burnt or stuck notes?
If you have burnt or stuck notes, RBI says that notes that have become extremely brittle or are badly burnt, or stuck together and cannot be used normally will not be accepted in the bank branch. Such notes should be deposited in the concerned issuing office, where they will be evaluated under a special procedure.
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