Got soiled or torn rupee notes? Here’s how you can exchange even new series notes of Rs 2,000, Rs 200

By: |
Published: September 7, 2018 6:38:59 PM

The RBI Friday tweaked norms for exchange of mutilated currency notes following introduction of Rs 2,000, Rs 200 and other lower denomination currencies.

Got soiled or torn rupee notes? Here's how you can exchange even new series notes of Rs 2,000, Rs 200Got soiled or torn rupee notes? Here’s how you can exchange even new series notes of Rs 2,000, Rs 200

The RBI Friday tweaked norms for exchange of mutilated currency notes following introduction of Rs 2,000, Rs 200 and other lower denomination currencies. Post demonetisation in November 2016, the Reserve Bank has introduced Rs 200 and Rs 2,000 notes. Besides, it came out with smaller notes of Rs 10, Rs 20, Rs 50, Rs 100 and Rs 500.

Public can exchange banks mutilated or defective notes at RBI offices and designated bank branches across the country for either full or half value, depending upon the condition of the currency.

While making amendments to the Reserve Bank of India (Note Refund) Rules, 2009, the central bank said it has been done to enable the public to exchange mutilated notes in Mahatma Gandhi (New) series, which are smaller in size compared to the earlier series. These rules have come into force with immediate effect.

“We further inform that there is a change in the minimum area of the single largest undivided piece of the note required for payment of full value for notes of rupees fifty and above denominations…,” the RBI said.

Do you know What is Cash Reserve Ratio (CRR), Finance Bill, Fiscal Policy in India, Expenditure Budget, Customs Duty? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Next Stories
1India tells US to ensure Iran sanctions don’t hurt economy; raises important issues in first ever 2+2 dialogue
2Weak rupee takes toll on India’s external debt; short-term obligations to rise by whopping Rs 68,000 crore
3Protected: Data protection: GDPR-inspired rules may harm India’s reputation as a global hub in digital space