Can bank refuse to accept soiled notes?

You should also know, that no bank branch can refuse to accept small denomination notes and / or coins tendered at their counters. All coins in the denomination of 50 paise, ₹ 1/-, 2/-, 5/-, 10/- and 20/- of various sizes, theme and design issued from time to time by the Government of India continue to be legal tender.

Can bank accept soiled notes?

Notes which have become excessively soiled, brittle or are burnt and, therefore, cannot withstand normal handling can be exchanged only at Issue Office of the RBI.

Under what circumstances RBI will reject exchange of soiled and mutilated notes submitted by the banks?

You will not get any exchange value if the piece of note is less than 40\% in size. Notes that have turned extremely brittle or are badly burnt, charred or inseparably stuck together and, therefore, cannot withstand normal handling, are not accepted by the bank.

What does RBI do with soiled notes?

As per the Reserve Bank of India (RBI), every bank has to accept mutilated, soiled or imperfect currency notes. So you can easily walk into your nearest bank and get your unusable notes exchanged. No fee will be charged for this facility.

How do I exchange soiled notes in RBI?

Mutilated notes can also be sent to any of the RBI offices by registered/insured post. Notes which have become excessively soiled, brittle or are burnt and, therefore, cannot withstand normal handling can be exchanged only at Issue Office of the RBI.

How do I exchange soiled notes in bank?

Refund value of these notes is, however, paid as per RBI (Note Refund) Rules. These can also be exchanged at the counters of any public sector bank branch, any currency chest branch of a private sector bank or any Issue Office of the RBI without filling any form.

Can we exchange mutilated notes?

According to the RBI rules, notes cannot be exchanged in case of badly burnt, crumpled pieces. Such notes can be deposited in the issuing office of RBI only.

How many mutilated notes can be exchanged?

Process for exchange of soiled/ mutilated/ imperfect notes Notes presented in small number: Where the number of notes presented by a person is up to 20 pieces with a maximum value of Rs. 5000 per day, banks should exchange them over the counter, free of charge.

Which rule of RBI note Refund Rules are in force?

(a) In terms of Section 28 read with Section 58 (2) of Reserve Bank of India Act, 1934, no person is entitled as a right to recover from the Government of India or RBI the value of any lost, stolen, mutilated or imperfect currency note of the GOI or banknote.

How many soiled notes are there in a bank?

Where can I exchange soiled notes?

Despite the Reserve Bank of India ( RBI ) issuing a circular six months ago, allowing people to exchange soiled, mutilated, or defective currency notes at any bank branch where they had an account, there are still long queues at the Issue Department ‘s Claims Section at Reserve Bank of India on Nrupathunga Road.

What is the RBI note refund rule 2009?

Reserve Bank of India (Note Refund) Rules, 2009 – Delegation of powers (a) In terms of Section 28 read with Section 58 (2) of Reserve Bank of India Act, 1934, no person is entitled as a right to recover from the Government of India or RBI the value of any lost, stolen, mutilated or imperfect currency note of the GOI or banknote.

What are the Reserve Bank of India (note refund) rules?

1. Short title, application and commencement :- (1) These rules may be called the Reserve Bank of India (Note Refund) Rules, 2009 and further amended vide Reserve Bank of India (Note Refund) Amendment Rules, 2018. (2) They shall apply to a note, which is a legal tender on the date of its presentation before the Bank

How will the RBI take over the remittance of fresh notes?

The remittance will be taken over by the chest officials in the presence of the RBI representative, if he/she accompanies the same. The fresh notes will be taken over by chests as per RBI instructions after verifying the contents by counting packets and bundles without opening the original polythene packing in the presence of RBI representative.

What is the deadline for remittance to RBI from a Currency Chest?

Currency chest should send remittance after prior approval of RBI. The remittance should be so arranged that it does not reach RBI on Sunday/Holiday or during last week of the month of June.