People have the habit of keeping notes folded and crumbled in their pockets. Now, this habit will prove expensive as banks will not accept damaged or ruptured currency notes of ₹200 and ₹2000. One will not be able to exchange the notes only over the counter in bank branches.
As per the reports and the Note Refund Rules, it is mandatory for the banks to accept currency notes of all the denominations except ₹200 and ₹2000, as the guidelines have not been mentioned in the Note Refund Rules.
Sharing more information, RBI officials said,
Due to change in size of Mahatma Gandhi (New) Series notes, mutilated/imperfect notes in MG (New) series could not be exchanged under the existing rules necessitating amendments to RBI (Note Refund) Rules, 2009. The mutilated/imperfect notes in the MG (New) series can be exchanged after notification of amendments in the official gazette.
Banks are demanding a change in these provisions and they have written the same to the RBI. However, the RBI is still not inclined to pay attention to it.
Share
Tweet
