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RBI Amends Rules For Mutilated Currency Notes Exchange, Check For Details

JAVED SAIFI | 1
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| September 9 , 2018 , 15:07 IST

Post demonetisation the Reserve Bank of India had issued new denomination notes of Rs 10, Rs 20, Rs 50, Rs 100, Rs 200 and Rs 2,000 of which it has revised its exchange of mutilated currency notes rules, media reported on Sunday.

Under the old RBI (Note Refund) Rules 2009, new notes of varied size than of previous notes not covered, which is why RBI took a decision to revise the rules as there was a lot of confusion about the exchange of mutilated notes.

Ensuring convenience to the public, damaged notes can be exchangeable at RBI's offices and designated bank branches for either full or half value depending upon the condition of notes.

Also Read: 99.30% Currency Notes Banned During Demonetisation Back To System: RBI Report

In a press release RBI notified people about new rules saying, "Reserve Bank of India has made amendments to the Reserve Bank of India (Note Refund) Rules, 2009 to enable the public to exchange mutilated notes in Mahatma Gandhi (New) series at bank branches and RBI offices, which are smaller in size compared to the earlier series."

"The Reserve Bank of India (Note Refund) Amendment Rules, 2018 have since been notified in the Gazette of India on September 6, 2018. These rules have come into force with immediate effect," it added.

Rules for under Rs 50 denomination notes

Rules for more than Rs 50 denomination notes