How to Exchange Damaged Currency Notes at Banks

Suspense Crime,Digital Desk:Damaged Notes Exchange: Bank notes may become damaged during changing, or due to water getting to them, they may also get torn. Shopkeepers tend not to accept such notes as well. Thus, people tend to store such damaged notes or toss them out. But, you no longer have to do that. As per the directions set by the Reserve Bank of India (RBI), such notes can be exchanged without hassle.

Exchanging dirty or old (soiled) notes
Soiled notes are also called dirty or lightly torn notes. They can be exchanged for newer versions at bank branches, regardless if the bearer of the notes has an account for the said bank or not. Should the condition of the notes be satisfactory, the bank instantly provides new versions of the notes in question or credits the equivalent amount to their account.

Special procedure for mutilated notes
A note's parts getting cut, them getting ripped, or other harsh damaging of them results in mutilated notes. When note’s serial number, watermark or safety features are still intact and visible, the note is classed under the category of mutilated notes. Such notes are able to be deposited at any bank branch for the Reserve Bank of India’s (RBI) Mutilated note refund procedures. After checks, the bank will deduct or issue funds based upon the state of the note in question.

Disposal of highly damaged notes

Inefficiently Destroyed notes cannot be replaced at regular banking outlets if they are burned, caked together or completely obliterated. In these circumstances, they are directly dispatched to the Issue Offices of the Reserve Bank of India; where, after special assessment, reimbursement is made.

How to exchange notes in the bank

Soiled and mutilated notes can be surrendered to any branch of a commercial bank in the country and irrespective of whether the person is a client of that bank or not. The bank employees examine the condition of the note and proceed with the exchange as per the standard operating procedures of the RBI. If deemed fit, the note will be replaced by a new one of equivalent denomination.

How many notes can be exchanged at a time

As per RBI guidelines, the maximum limit to the number of notes that an individual can tender at once is twenty. The entire sum must be less than rupees five thousand. For that amount, the bank will pay you on the spot. Nonetheless, if one tenders an amount of notes beyond these limits, the bank will confiscate the notes and deposit the total sum into the individual’s account. This process will delay the exchange for amounts exceeding fifty thousand rupees.

Change of notes procedure guidelines

Attempting to pay with a torn note does not permit taping or stapling notes. Ensure the note is presented at the bank in its current condition.

No option standardly exists for paying fees associated with the replacement of notes between 1 - 20.

If the notes of Rs 50-500 are severely soiled, one might need to provide some form of payment to replace these.

It remains impossible for any one bank to refuse replacing stained notes because none follows these instructions set by the RBI.

In case where a bank refuses to change the note, exists the option of opening a complaint case.

Soiled, battered and mangled. Notes come in all forms. Never throw away. Ensure to follow guidelines set by the RBI concerning the procedure. Most importantly, do not alter the condition of the note.