RBI’s new rules for note refund out; here is how to get a full refund

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RBI’s new rules for note refund out; here is how to get a full refund

The Reserve Bank of India (RBI) Friday announced new guidelines for exchange of mutilated currency notes following the lack of clarity over the exchange of Rs 2,000 and Rs 200 notes which are not covered under the old rules.

Post demonetisation in November 2016, the RBI has introduced new series of notes of varying sizes. Besides the Rs 200 and Rs 2,000 notes, it came out with smaller notes of Rs 10, Rs 20, Rs 50, Rs 100 and Rs 500. Due to the difference in size, the new notes were not covered under the RBI (Note Refund) Rules, 2009. Now, the RBI has amended its rules to accommodate the new notes.

The public can exchange mutilated or defective notes at RBI offices and designated bank branches across the country for either full or half value, depending upon the condition of the currency. Click here to read this article in Malayalam

Rules for denominations less than Rs 50.

“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 in a statement.

These rules have come into force with immediate effect.

Rules for denominations more than Rs 50.

For a full refund of a damaged Rs 2000 note, the undivided area of the single largest piece of the note must be at least 88 square cm, and 44 square cm for half refund. The Rs 2000 note is 109.56 square cm in dimension.

For a damaged Rs 200 note, the criteria is 80 square cm for a full refund and 40 for a partial refund.

 

Source:- indianexpress

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