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Wednesday, April 20, 2022

Rbi rule on old torn notes

Often a shopkeeper in the market grabs you a torn note. At that time your attention does not go to it. But later, when you look at it, you get confused as to whether it will work in the market or not. You don't have to worry about how to change it, though.

You can easily exchange torn notes at any branch of a bank. If a bank refuses to exchange these notes, action may be taken against them. The thing to keep in mind here is that the worse the condition of the note, the lower its value will be. The Reserve Bank has issued guidelines for the exchange of such notes. It is important for everyone to know these rules.

Rbi rule on old torn notes

This is the rule of RBI

If you have a low denomination note like Rs. 5, 10, 20 or Rs. Then you will get full money, otherwise you will not get anything. That is, if there is a torn 10 rupee note, 50% of it should be safe, then in return you will get a good 10 rupee note. If the number of torn notes exceeds 20 and its value exceeds Rs. 5,000, you will have to pay a fee. The direct rule of thumb is to change security notes such as Gandhiji's watermark, RBI governor's signature and serial number. So the bank cannot refuse to exchange such torn notes.

Can be replaced on a shattered note

If the note is broken, it can be replaced. But it takes more time. For this, the note has to be sent by post to the branch of the Reserve Bank. The Reserve Bank has to provide its bank account number, branch name, IFSC code, note value etc.


ગુજરાતીમાં વાંચવા માટે અહીં ક્લિક કરો

The Reserve Bank removes these torn notes from the baking system and replaces them with new ones. Earlier, the Reserve Bank used to burn these notes. However, now it is recycled into smaller pieces, and it is made into paper items, which are sold in the market.