Indian Currency Notes News: RBI issued guidelines regarding torn notes, know how you can get them changed

News, Digital Desk- When you find a torn, worn or stuck note at an ATM or from someone and the shopkeeper refuses to accept it, do not panic. The Reserve Bank of India (RBI) has made rules for changing such bad notes, so that you can easily get them changed.

Torn or damaged notes are no longer a headache. If you are aware and know the RBI rules, no bank can refuse to exchange your notes.

What to do if you have a torn note?

Your torn or damaged note can be exchanged at any bank. According to the rules of the Reserve Bank of India, if the number, signature and other important information is clearly visible on the note, then the bank has to exchange it.

What are the rules for exchanging notes in a bank?

20 notes or up to Rs 5,000-

If you want to exchange torn old notes worth 20 notes or up to Rs 5,000 in a day, the bank will not charge any fee and will exchange the notes immediately.

For more than 20 notes or amount more than Rs 5,000-

In such cases, the bank will take your notes and give you a receipt and after some time the money will be deposited in your account. Some banks may also charge a service charge on this.

Which notes can the bank refuse to exchange?

Notes that are severely torn, burnt or attached with glue/tape may be rejected by the bank.

If the note appears fake, the bank will not change it.

Even highly tampered notes are not exchanged.

Can people without bank accounts also exchange notes?

Yes, it is not necessary for you to have an account in that bank. Anyone can go to any bank and exchange torn notes.

What to do if the bank refuses to change notes?

First talk to the Branch Manager and show him the RBI rules.

If the matter still remains unresolved then complain to the bank's Customer Care.

You can also lodge a complaint online by visiting the RBI website.

If you want, you can also contact the nearest RBI office.

What is the definition of bad notes?

According to the RBI, notes that are torn, burnt, worn or in two pieces - are replaceable if their identifying information (such as number, governor's signature) is clear.

Keep these important things in mind-

If the note is attached with glue or tape, the bank may refuse to change it.

If you are exchanging notes worth more than Rs 50,000, you may ask for ID proof.

As per bank rules, service charge may be levied on higher amounts.