What should one do with torn notes? This is the common question people face. Usually, we try and hide the torn part and pass it on to the shop-keeper or an auto driver. Sometimes this works and sometimes it doesn't.
But a lot of people did not know, that Reserve Bank Of India (RBI) has framed a policy for such torn notes, that too eight-years ago.
In 2009, RBI came up with a policy which stated that the bank will accept torn notes. RBI has issued a notification of the same through advertisement.
1. If your one-rupee note, two-rupee note, five-rupee and the twenty-rupee note is torn less than 50 per cent then RBI will give you the full amount.
2. Also if the note is torn more than 65 per cent then RBI will the full amount.
3. And if the note is torn and one part of it is more than 40 per cent and less than 65 per cent, then you will get half money.
When it comes to writing on notes, RBI accepts such notes but one will not get the new note in return. Instead, the same amount will be transferred to one’s bank account.
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