Even though digital payments have recorded a phenomenal growth in their use, the use of banknotes is still necessary depending on everyday situations. In some cases, you may receive a soiled or torn bill at an ATM, with a large payment, or elsewhere. In these cases, some try to use them by hiding in a bundle of banknotes or at the local vegetable market, where daily transactions are in circulation.

However, many people do not know that the banking system in India allows the exchange of damaged banknotes. The Reserve Bank of India has issued clear instructions in this regard.

As part of the exchange services for dirty and damaged banknotes, RBI has identified various types of damage to banknotes and the process for replacing them.

How to exchange dirty banknotes in a bank?

Dirty Notes

Soiled bills are those that have become dirty and slightly cut. Double-ended banknotes, i.e. Rs.

Exchange of dirty banknotes

However, the cut in such notes was not supposed to go through the numerical panels. All of these banknotes can be exchanged at the counters of any branch of a public sector bank, at any foreign exchange branch of a private sector bank, or at any RBI issuing point. You do not need to fill out any form for this.

See also  Earn up to 8.1% interest rate on this non-bank FD; Check details about FD NBFC Bajaj Finance

How to exchange mutilated banknotes?

Mutilated notes

Banknotes that are broken up and/or missing significant parts can also be exchanged. The essential parts of the banknote are the name of the issuing authority, the guarantee, the promise clause, the signature, the emblem of the Ashoka Pillar / portrait of Mahatma Gandhi, the watermark.

Exchange of damaged banknotes

However, the recoverable value of these banknotes is paid in accordance with the rules of the RBI (refund of banknotes). They can also be exchanged at the counters of any public sector bank branch, any private sector bank branch, or any RBI issuing branch without filling out any form.

Other exchange options

TLR (triple lock socket)

For the convenience of users, the possibility of exchanging damaged banknotes is also offered through TLR (Triple Lock Receptacle) covers. People can get a TLR cover from the Reserve Bank Help Desk and put their banknotes in the cover with details such as name, address, denomination of the banknotes deposited, etc. filled in the columns provided on the cover, close it and place it in a drawer under called Triple Lock Receptacle against the issuance of a paper token.

See also  GOP investigates Biden family, big tech and border security

This box is kept at the information desk in each Reserve Bank issuing office. The allowable exchange value of damaged banknotes will be transferred by bank transfer or money order. Mutilated banknotes can also be sent to any RBI office by certified/insured mail.

Excessively soiled, brittle, burnt banknotes

Banknotes that are heavily soiled, brittle or burnt and therefore do not withstand normal handling can only be exchanged at the issuing office of the RBI.

Deliberately cut notes

Banknotes found to have been deliberately cut, torn, altered or defaced, if offered for exchange value, will be rejected.

However, the RBI stated that while it is not possible to pinpoint deliberately carved banknotes, careful analysis of such banknotes will clearly reveal any deliberate fraudulent intent, as the manner in which such banknotes are mutilated will largely conform to the uniformity of form. location of missing parts of banknotes, especially when banknotes are offered in large quantities.

See also  The US Navy collects the wreckage of a Chinese reconnaissance balloon

Other rules

Banknotes presented in small quantities: if the number of banknotes presented by a person is up to 20 pieces with a maximum value of 5000 rupees per day, banks must exchange them free of charge at the cash desk.

Banknotes presented in bulk: if the number of banknotes presented by a person exceeds 20 pieces or a denomination of 5000 rupees per day, banks can accept them against receipt so that the value is credited later. Banks may charge a service fee.

RBI offices that provide exchange services

Services are provided at the counters of RBI regional offices located in Ahmedabad, Bangalore, Belapur (Navi Mumbai), Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna and Thiruvananthapuram, and a currency chest operated by the Bank in Kochi.

Read all the latest business news here

By Admin

Leave a Reply

Your email address will not be published. Required fields are marked *