Indian Currency: If you have mutilated notes then you must be wondering how they will move in the market. There will be no discount in them. But you don’t need to panic. These mutilated notes can be easily exchanged in the bank. Also, no discount is taken in them.
The Reserve Bank of India (RBI) has also prepared a guideline to replace these mutilated notes. Which is very important for common man to know.
According to media reports, mutilated notes can be made in any bank of the country. For this it is not necessary that you have to go to your home branch only. If banks refuse to change, action can be taken against them. But it has to be kept in mind that the worse the note is in its condition, the less its value will go down. All the information about this has been given under the Reserve Bank of India (Note Refund) Rules, 2009.
Indian Currency: Opportunity to earn lakhs of rupees on the basis of old notes, this note of 1 rupee will make lakhpati
These are the rules for changing notes
If you have small denomination notes in which there are notes of 5,10,20,50 and they are torn, but it is necessary to have at least 50 percent of these notes. If this is the case then you will get all. Otherwise you will get nothing. That is, if you have a torn note of 10 rupees, 50 percent of it is also safe, then the entire 10 rupees will be replaced.
On the other hand, if you have more than 20 torn notes, want to get them replaced and the total value of the notes is more than Rs 5000, then you will have to pay such a huge transaction fee. The simple rule of changing the note is that if the security sign like Gandhiji’s watermark, governor’s sign and serial number is visible in it, then the bank will have to change that note.
If there are too many pieces of note, there is a rule to get it replaced, but this process takes time. For this, you will have to send this note by post to the branch of RBI, in which information about the account number, branch name, IFSC code, price of the note will have to be given.
RBI changes PCA framework, new rule will be applicable from January 1
What does RBI do with these torn notes?
RBI removes these torn notes from circulation, in its place it is the responsibility of the RBI to print new notes. In earlier times these notes were burnt and in present times they are recycled into small pieces. These notes are then made into paper items which are also sold in the market.
Facebook us for social media updates (https://www.facebook.com/moneycontrolhindi/) and Twitter (.) to follow.
.