Can we exchange soiled notes in India?

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.

How do I replace mutilated money?

Banks can exchange some mangled money for customers. Typically, badly soiled, dirty, defaced, disintegrated and torn bills can be exchanged through your local bank if more than half of the original note remains. These notes would be exchanged through your bank and processed by the Federal Reserve Bank.

How can I change my damaged Indian currency?

The Reserve Bank of India rule also states that if the currency notes are torn into several pieces, they can be used and even if any part of the torn note is missing, it can be replaced. Normal mutilated notes can be exchanged at any of the bank branch counters or any RBI office.

How do I replace a damaged bank note?

The government banks can’t refuse to exchange notes. A mutilated note is a piece of currency whose one portion is missing or which is composed of more than two pieces, as per RBI directions. You will need to fill the form to change the torn note from the bank.

Where can I exchange old Indian currency notes?

All these notes can 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 Reserve Bank of India. There is no need to fill any form for doing this.

How can I exchange old notes of RBI?

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. Persons holding such notes may approach the Officer-in-charge of the Claims Section, Issue Department of the Reserve Bank for this purpose.

Which banks are authorized to accept soiled notes?

All banks are authorized to accept soiled banknotes for full value. They are expected to extend the facility of exchange of soiled notes even to non-customers. All currency chest branches of commercial banks are authorised to adjudicate mutilated banknotes and pay value for these, in terms of the Reserve Bank of India (Note Refund) Rules, 2009

What to do with old Rs 500 notes?

The second option is it can be pushed into a donation box. The third option is to absorb the loss. But it can only be done if it is a Rs 5, 10, 20 or even 50 note. But what if it is a Rs 500 or a Rs 2000 note? And, the fourth is to approach your local bank branch and hope to get a fresh note.