The Reserve Bank of India (RBI) on Friday made amendments to Reserve Bank of India (Note Refund) Rules, 2009.
The Reserve Bank of India (RBI) on Friday made amendments to Reserve Bank of India (Note Refund) Rules, 2009. As per the rule, people can exchange 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. In November 2016, post-demonetisation, the Reserve Bank of India had introduced Rs 200 and Rs 2,000 notes. Later, it also introduced new Rs 10, Rs 20, Rs 50, Rs 100 and Rs 500 bank notes.
The new amendments enable people to exchange mutilated notes in Mahatma Gandhi (New) series, which are smaller in size compared to the earlier series. “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 had said in its statement. These rules have come into force with immediate effect.
Here is how to get your old notes replaced if defective –
For Rs 50, Rs 100 Rs 200, Rs 500 –
– To get a full refund of Rs 50, Rs 100 Rs 200 and Rs 500 notes, a note must be composed of 2 pieces which individually have an area equal to or more than 40% of total area of note in that denomination.
For Rs 2000 notes –
– The value of a mutilated note of Rs 2000 denomination may be refunded in full or half depending upon the case. For a full refund, the minimum undivided area of the single largest piece of the note should be 88 square. For a half refund, the area should not be less than 44 square cm.
According to Reserve Bank of India’s annual report, released in August this year, about 99.40 per cent of specified bank notes (SBNs) of Rs 500 and Rs 1,000 denominations, which were scrapped in the November-December 2016 period, have been returned from circulation. The report said the total SBNs returned from circulation at Rs 15.31 lakh crore.
The Modi Government had scrapped the SBNs to clamp down on corruption and black money, cut off terrorist financing and tackle fake Indian currency notes.