2016-12-28 Wed

Trying to keep enough money in our pockets is something we all are struggling with always. And if we are stuck with some torn or soiled notes then it gets very difficult to palm off such notes!

Here’s how you can distinguish between your torn notes and what you can do if you are stuck with such notes:

The Reserve Bank of India (RBI) has proper guidelines, namely note refund rules. Banks refund your torn note according to those rules.

1) Soiled Note: It’s when the banknotes become dirty due to normal wear and tear or when two pieces belonging to the same note are pasted together in such a way that they form the entire note with no essential features missing.
Exchange Rules: Such notes can be exchanged for full value over any public sector bank branch, any currency chest branch of a private sector bank or any Issue Office of the Reserve Bank of India.

2) Mutilated Notes: A mutilated note is a banknote of which a portion is missing or which is composed of more than two pieces.
Exchange Rules: These notes can be exchanged at the counters of any public sector bank branch, any currency chest branch of a private sector bank or any Issue Office of the RBI without filling any form. For the denominations of INR 5/10/20, you get the full value back as per the RBI’s note refund rules.

3) Extremely brittle, burnt, charred, stuck-up notes: As per the RBI rules banks are not permitted to accept such notes for exchange! However, you can exchange such notes only at Issue Office of the RBI. Persons holding such notes may approach the Officer-in-charge of the Claims Section, Issue Department of the Reserve Bank for this purpose.

Next time handle your currency notes with care! Avoid stapling notes or writing on them, you or someone else may lose out on the money!