Is tearing money illegal in India?

All branches of commercial banks are authorised to adjudicate mutilated banknotes (which are legal tender) and pay value for these, in terms of the Reserve Bank of India (Note Refund) Amendment Rules, 2018. Small Finance Banks and Payment Banks may exchange mutilated and imperfect/defective notes at their option.

Are torn notes acceptable in India?

If you have mutilated notes, follow these guidelines laid down by the RBI to get them exchanged at any bank. The RBI, in a statement, said, “Mutilated notes may be presented at any of the bank branches. The notes so presented shall be accepted, exchanged and adjudicated in accordance with NRR, 2009.”

Do banks accept soiled notes?

A soiled currency note means a note which has become dirty due to normal wear and tear. Notes which have turned extremely brittle or are badly burnt, charred or inseparably stuck up together and, therefore, cannot withstand normal handling, shall not be accepted by the bank branches for exchange.

Are torn notes valid?

Don’t Worry, Your Money Is Safe; Check Details. According to RBI, a mutilated note is a note of which a portion is missing or which is composed of more than two pieces.

What to do if I get a torn note from ATM?

According to the rules of RBI, if you ever get torn notes from the ATM, then you can easily replace them with the bank. The bank does not have the right of refusal. For this, you have to go to the bank from whose ATM you have withdrawn money.

Is it a crime to tear currency?

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.

Will my bank replace torn 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.

Does RBI accept torn notes?

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.

Are torn notes legal tender?

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.

What are the rules for exchange of notes in India?

Under Rule 6 (3) (iii) of Reserve Bank of India (Note Refund) Rules, 2009, any note that bears slogans or a message of political nature on it ceases to be legal tender. Thus, exchange or deposition of such notes is not possible, and they will be rejected at the bank counter.

What happens if a note is cut or torn?

Deliberately cut notes: The notes, which are found to be deliberately cut, torn, altered or tampered with, if presented for payment of exchange value should be rejected under Rule 6 (3) (ii) of the Reserve Bank of India (Note Refund) Rules, 2009.

Can I exchange imperfect notes at banks?

The RBI has also instructed all banks to bear a notice saying ” SOILED/MUTILATED NOTES ARE ACCEPTED AND EXCHANGED HERE” for your convenience. So whether you are a customer of that bank or not, you can exchange your imperfect notes, free of charge at the branch of any bank.

Where can I exchange the cut in notes?

The cut in such notes, should, however, not have passed through the number panels. 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.