Can we exchange soiled notes in India?

Despite the Reserve Bank of India ( RBI ) issuing a circular six months ago, allowing people to exchange soiled, mutilated, or defective currency notes at any bank branch where they had an account, there are still long queues at the Issue Department ‘s Claims Section at Reserve Bank of India on Nrupathunga Road.

Can we exchange mutilated notes?

According to the RBI rules, notes cannot be exchanged in case of badly burnt, crumpled pieces. Such notes can be deposited in the issuing office of RBI only.

How do I replace mutilated money?

Banks can exchange some mangled money for customers. Typically, badly soiled, dirty, defaced, disintegrated and torn bills can be exchanged through your local bank if more than half of the original note remains. These notes would be exchanged through your bank and processed by the Federal Reserve Bank.

Do banks accept mutilated notes?

As per RBI, a mutilated note is a note of which a portion is missing or which is composed of more than two pieces. Mutilated notes may be presented at any of the bank branches. The notes so presented shall be accepted, exchanged and adjudicated in accordance with Reserve Bank of India (Note Refund) Rules, 2009.

How do you change soiled notes?

Refund value of these notes is, however, paid as per RBI (Note Refund) Rules. These can also 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 RBI without filling any form.

Where can I change soiled notes?

Notes which have become excessively soiled, brittle or are burnt and, therefore, cannot withstand normal handling can be exchanged only at Issue Office of the RBI.

Where can I exchange damaged notes?

The Reserve Bank
The Reserve Bank recommends that people take damaged banknotes to their bank or another authorised deposit-taking institution (ADI).

How do you replace soiled currency?

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.

Can we deposit soiled notes in bank?

A soiled currency note means a note which has become dirty due to normal wear and tear. These notes should be accepted over bank counters in payment of government dues and for credit to accounts of the public maintained with banks.

How do I change mutilated notes?

These can also 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 RBI without filling any form. To suit public convenience, the exchange facility for mutilated notes is also offered through TLR(Triple Lock Receptacle) covers.

How do I exchange soiled notes in RBI?

Mutilated notes can also be sent to any of the RBI offices by registered/insured post. Notes which have become excessively soiled, brittle or are burnt and, therefore, cannot withstand normal handling can be exchanged only at Issue Office of the RBI.

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.

How can I exchange old notes of RBI?

Notes which have become excessively soiled, brittle or are burnt and, therefore, cannot withstand normal handling can be exchanged only at Issue Office of the RBI. Persons holding such notes may approach the Officer-in-charge of the Claims Section, Issue Department of the Reserve Bank for this purpose.

Which banks are authorized to accept soiled notes?

All banks are authorized to accept soiled banknotes for full value. They are expected to extend the facility of exchange of soiled notes even to non-customers. All currency chest branches of commercial banks are authorised to adjudicate mutilated banknotes and pay value for these, in terms of the Reserve Bank of India (Note Refund) Rules, 2009

What to do with old Rs 500 notes?

The second option is it can be pushed into a donation box. The third option is to absorb the loss. But it can only be done if it is a Rs 5, 10, 20 or even 50 note. But what if it is a Rs 500 or a Rs 2000 note? And, the fourth is to approach your local bank branch and hope to get a fresh note.