Can bank reject torn notes?

The rule states that the banks cannot refuse to accept such notes the only condition being that they should not be fake. If any bank refuses to take the currency notes, then you can register a complaint with the RBI, after which action can be taken against that bank.

What is prohibited for writing on currency notes?

The RBI said it will not accept certain scribbling on the note, for instance, all bank notes with religious or political slogans are banned. Soiled notes can be exchanged at any public sector bank counter, any currency chest branch of a private sector bank or any issue office of the RBI, without filling any form.

What happens if we write on currency notes?

Though scribbling on notes is discouraged, the RBI said scribbled notes in the market are still legal for transaction. SO, IS IT STILL A PUNISHABLE OFFENCE TO WRITE ON BANKNOTES? No. There is no such law that calls it a punishable offence, though it is strongly discouraged.

Do banks accept broken notes?

Anyone with a damaged note can apply to the Bank of England to exchange it. The Bank will give “reasonable consideration” to claims where banknotes have been damaged accidentally. As a general rule there should be evidence of at least half a banknote before it can be reclaimed.

Does writing on money make it unusable?

Yes, It’s Legal! Many people assume that it’s illegal to stamp or write on paper currency, but they’re wrong! We’re not defacing U.S. currency, we’re decorating dollars! You CANNOT burn, shred, or destroy currency, rendering it unfit for circulation.

Is writing on currency notes a punishable Offence in India?

Writing on currency notes is a punishable offence as per the Reserve Bank of India’s clean note policy. In November 2001, the central bank had stated that writing on the watermark window of bank notes is punishable under Section 35A of the Banking Regulation Act 1949.

Do banks replace damaged currency?

Also, apart from the one and a half rule of damaged money, money that is dirty, torn or defaced can also be changed at the bank. All you have to do is to take the damaged money to the bank, and they will replace the money for you. If you are lucky enough, you won’t need to take your damaged money to the bank.

Is writing on money a crime?

Yes, It’s Legal! Many people assume that it’s illegal to stamp or write on paper currency, but they’re wrong! You CANNOT burn, shred, or destroy currency, rendering it unfit for circulation.

What was the purpose of bank notes?

A banknote is a negotiable promissory note which one party can use to pay another party a specific amount of money. A banknote is payable to the bearer on demand, and the amount payable is apparent on the face of the note.