What do banks do with damaged currency?

It is important to note that the currency notes that are eventually found non-payable are then sent by the receiving banks to the RBI where they are destroyed. Normal mutilated notes can be exchanged at any of the bank branch counters or any RBI office. For this process, one need not fill any form.

What happens to damaged bank notes?

Anyone with a damaged note can apply to the Bank of England to exchange it. Claimants must fill in a form and send it, along with the bank note, in the post. It is then assessed by the Bank and claims are paid directly into the applicant’s bank account, if successful.

How do banks exchange teared notes?

You can easily replace torn or mutilated currency notes by visiting a nearby public-sector bank.

1. A mutilated note is a piece of currency whose one portion is missing.
2. You will need to fill the form to change the torn note from the bank.

Do banks take moldy money?

The Federal Reserve does not accept deposits of mutilated currency from banks. In this case, special examination is required by pros at the Bureau of Engraving and Printing (BEP) before any exchange is made.

What is soiled note?

Soiled notes are those which have become dirty and slightly cut. Notes which have numbers on two ends, i.e. notes in the denomination of Rs. 10 and above which are in two pieces, are also treated as soiled note. Refund value of these notes is, however, paid as per RBI(Note Refund) Rules.

Can I exchange a damaged or damaged Bank of England note?

If you have an accidentally torn, damaged or mutilated genuine Bank of England note, we may be able to exchange it for you.

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.

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.

What is the facility for exchange of notes and coins at banks?

Facility for exchange of notes and coins at bank branches: (a) All branches of banks in all parts of the country should provide the following customer services (i) Issuing fresh, good quality notes and coins of all denominations on demand. (ii) Exchanging soiled, mutilated, defective notes.