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RBI Tweaks Norms For Exchange Of Torn Currency Notes

These rules have come into force with immediate effect.

RBI Tweaks Norms For Exchange Of Torn Currency Notes
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RBI Tweaks Norms For Exchange Of Torn Currency Notes
outlookindia.com
2018-09-08T18:14:35+0530

The Reserve Bank of India (RBI) Friday tweaked norms for exchange of mutilated currency notes following introduction of Rs 2,000, Rs 200 and other lower denomination currencies.

Post demonetisation, the Reserve Bank has introduced Rs 200 and Rs 2,000 notes. Besides, it came out with smaller notes of Rs 10, Rs 20, Rs 50, Rs 100 and Rs 500.

Public can now exchange mutilated or defective notes at designated bank branches and RBI offices across the country for either full or half value, depending upon the condition of the currency.

While making amendments to the Reserve Bank of India (Note Refund) Rules, 2009, the central bank said it has been done to enable the public to exchange mutilated notes in Mahatma Gandhi (New) series, which are smaller in size compared to the earlier series.

These rules have come into force with immediate effect.

"We further inform that there is a change in the minimum area of the single largest undivided piece of the note required for payment of full value for notes of rupees fifty and above denominations...," the RBI said.

PTI

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