If you have torn notes then this way you will get their full value
Most of the people think that if the banknotes are torn then it becomes very difficult to operate them. This is also true because such torn currency does not run in normal transactions, but if someone has such torn notes then what to do with it? Many of us do not know that there are guidelines from RBI that by going to any bank you can get torn notes changed.
This facility has been given to you, so that you can get full money back of the value of your note, but some special conditions have also been placed regarding this. The Reserve Bank has issued some guidelines under which you can get the notes exchanged.
First of all, know that this exchange can be done in any bank and if any bank refuses to exchange the note, then a complaint can also be made. You have to complain against him in writing to RBI.
Must read this- How many rupees are spent in printing a note of 100, 200, 500 and 2000 rupees?
What types of torn notes are exchanged?
Any torn notes can be exchanged. Completely if a note is torn and separated from the other part, it can also be changed. If the torn note is taken to any bank branch and even if it has become three parts, then there is a scope to replace it, but it has to be kept in mind that the worse the note is in its condition, its value will go down. All the information about this has been given under the Reserve Bank of India (Note Refund) Rules, 2009.
Rules for exchange of notes in any bank branch-
If the note you have is of small value like 5, 10, 20, 50 and it has more than two pieces, then you should have at least 50% of the note. In that you will get full money, otherwise you will not get anything.
If someone wants to exchange more than 20 torn notes in a day or if the total value of the notes is more than Rs 5000, then that person will have to pay such a huge transaction fee.
The simple rule of changing the note is that if the security sign like Gandhiji's watermark, governor's sign and serial number is visible in it, then the bank will have to change that note.
If there are too many pieces of note, there is a rule to get it replaced, but this process takes time. For this, you will have to send this note by post to the branch of RBI, in which you will have to give information about the account number, branch name, IFSC code, price of the note.
After all, after taking notes from us, what happens to those notes?
Once you have deposited the notes in the bank, then you feel that your work is over, but have you ever thought what happens to those notes in the end? RBI removes from circulation those notes which have been torn. Instead, it is the responsibility of the RBI to print new notes.
In earlier times these notes were burnt and in present times they are recycled into small pieces. These notes are then made into paper items, which are also sold in the market.
Let us tell you that RBI has full responsibility of printing of notes, but RBI cannot print notes on its own mind. There is also a process for that in which it is decided that how many notes will be put in the Indian market at a time.
Hope this information is of some use to you. If you liked this story, then do share it. Stay connected with TechIN WTF? to read more such stories...
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