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Having To Deal With Dirty, Damaged Currency Notes? Here's How To Replace Them With New Ones

Notes you keep with you may be stained, misshaped, ripped, or have messages scrawled on them. You don't understand the notes are damaged and won't be accepted until you have to pay for a cab in an emergency.

Some of these notes will be exchanged for new ones at any bank location. Therefore, it is best to add fresh notes to your cash supply whenever you have free time. Depending on the kind of notes you have, there are different guidelines for exchanging them.

A note that has grown soiled over time through use is referred to as being soiled. It may also refer to a note that is made up of two portions that have been glued together and constitute the whole message with no crucial details missing.

Rule of RBI

All bank offices in India are required to exchange dirty, damaged, or flawed notes from the general public more aggressively and fiercely. According to the central bank, they are thus not required to contact the RBI Regional Office. However, according to the RBI, small finance banks and payment banks are free to exchange any damaged or defective notes.

Please be aware that any claim about notes that include a political or religious message will not be considered. Additionally, a “disfigured” banknote might not be accepted. However, even if the banknote has minor writing or a stain, it is still legal tender and can be used or exchanged at any bank.

How to Handle Ruined Notes

Soiled banknotes may be accepted at face value by any bank. These notes should be accepted over bank counters for the purpose of paying government fees and crediting the public's bank accounts.

The RBI states that these notes “should never be issued to the public as re-issuable notes and should instead be deposited in currency chests for subsequent transmission to RBI offices as soiled note remittances for further processing.”

At the bank counter, you may exchange up to 20 notes that total less than Rs 5,000 for free. However, you might need to pay a fee and receive a receipt if you have more than 20 notes or if they are worth more than Rs. 5,000. The amount will eventually be applied to your account.

According to the RBI, “banks are expected to take the usual precautions in case tendered value is above Rs. 50,000.”

Adapted Notes

Up to five damaged notes may be exchanged at the non-chest branch in order to get instant payment. The notes may be referred to the associated currency chest branch for adjudication if the branch is unable to determine the level of damage.

If a person has more than five damaged notes totaling up to Rs. 5,000, they may either exchange them in person or send them via insured mail to a local currency chest branch. People are encouraged to go to the closest currency chest branch for notes worth more than Rs. 5,000. Within 30 days of receiving the damaged notes, the currency chest branches will credit the exchange value to the sender's bank account.

Clearly ruined notes

The bank branches will not accept notes for exchange that have become excessively brittle, are severely burned, scorched, or are inseparably glued up together and cannot sustain regular handling. The holders will be instructed to present these notes to the relevant Issue Office of the RBI, where they will be decided on the basis of a Special Procedure.

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