RBI has found a solution to the problem of torn and mutilated currency notes. If you have a mutilated currency and are afraid about its usability, then there is a good news for you. As per the latest RBI guidelines, anybody who has mutilated notes can exchange them from the nearest central bank regional office.
Anybody who has mutilated currency notes can visit the central bank regional office and deposit the notes. The value of the mutilated notes will be credited to the respective bank account through an electronic clearing service.
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RBI guidelines to exchange currency notes
A defective, mutilated or soiled bank note which is slightly cut or stained or of which the essential portions are missing, or notes in the denomination of Rs 10 and above in two pieces can be exchanged without filling any form at any public sector bank (PSB) branch, any currency chest branch of a private sector bank or any RBI issue office.
How to exchange torn notes?
- The exchange or deposit the mutilated currency note, visit the regional office of the central bank
- Deposit the note with it’s particulars and other details into a box called ‘Triple Lock Receptacle’ (TLR)
- Details required to deposit mutilated notes are name, address, bank account number and denominations of notes deposited
- Deposit the above-mentioned details and the notes in a closed cover.
RBI conditions to deposit notes
The received amount in exchange for the notes will be determined on the basis of its face value or denomination and undamaged features or labels. For example: A mutilated Rs 2,000 note, which is 109.56 sqcm, if you deposit a 44sqcm of Rs 2,000 note then a half refund will be provided. Similarly, for 88 sqcm a full exchange return will be given and 78 sqcm of part of a torn Rs 200 banknote will be fully refunded, while 39 sqcm will give a half return.
Notes that are severely brittle or burnt, disfigured, charred or inseparably pieced together, will not be accepted by the bank branches for exchange facility. Notes that are found to be deliberately torn, cut, altered or tampered with, are rejected and not subjected to the payment of exchange value.
