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New Notes For Old


wealthymattersIf you are stuck with soiled and mutilated notes,you can get them exchanged and the RBI has prescribed the rules to do so:

RBI terms a  note as soiled when it becomes dirty due to normal wear and tear and also when two pieces are pasted together in such a way that both the pieces actually belong to the same note and form the entire note with no essential features missing. Such notes can be exchanged for full value over the counter at any bank branch. And, as per the RBI’s rule this type of note has to be accepted by the bank branch, even if you are not a customer of the bank.

According to the RBI, a  mutilated note is one of which a portion is missing or which is composed of more than two pieces.For Rs 5/10/20 you get the full value back if the area of the single biggest undivided piece of the note presented is more than 50 percent of the area of the respective denomination. If the biggest area (piece) is less than or 50 percent of the area of the note, you won’t get any money. If your note is of Rs 50 denomination or above, you will get full value of the note if the area of the single biggest undivided piece is more than 65 percent of the area of the respective denomination.But, if the biggest piece is between 40 percent and 65 percent of the area of the respective denomination, then you will get half the value of the note back. And, if the biggest piece is less than 40 percent, then you won’t get any value back and you will have to let go of the money

 

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About Keerthika Singaravel
Engineer,Investor,Businessperson

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