Mutilated Notes: How to Exchange Mutilated Notes in Banks
Currency note change process in Hindi: You will have old, mangled bills. In addition, when purchasing in the market, mutilated notes may accidentally fall into your hands. The process of bundling torn notes and selling them in the market is the same. Where to replace these terrible notes is currently the largest issue. Therefore, we are describing to you now how to exchange banknotes. Up to the set limit, you can trade notes here commission-free. Remember only this rule.
Old Note Exchange: Know these RBI regulations if you want to exchange notes that have been damaged without paying a commission.
Which notes can be exchanged?
Regarding modifying the notes, the RBI has established various regulations, such as the requirement that Gandhiji’s watermark, the serial number, and the governor’s signature be legible. The bank cannot refuse to exchange the note if these security requirements are still present on it. It is important to have at least half of any torn notes that are 5, 10, 20, or 50 rupees. These notes cannot be updated if this doesn’t take place. You will also need to pay a fee to change the note if there are more than 20 torn notes and their worth is greater than 5,000 rupees.
Can a note in multiple pieces be exchanged?
You can also exchange notes if you have them in multiple parts. Nevertheless, altering them is a somewhat difficult task. These notes must be transmitted via postal mail to the Reserve Bank branch. You must also include information about your bank account number, branch name, and IFSC code.
Which notes cannot be exchanged?
Any note that has been torn into pieces or set on fire cannot be changed at a regular bank. You must speak with RBI directly if you want to change such notes. The bank does not alter a note even if it contains slogans or political sentiments. In addition, if the bank official believes that the note was intentionally damaged or clipped, the bank may decline to exchange the note in that case.
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