• Friday, March 5, 2021

Damaged currency notes can be replaced easily

ByTelangana Tribune

Feb 23, 2021

Hyderabad: Currency notes which are mutilated or cut or marks on it can be replaced easily. Reserve Bank of India has issued orders that every bank should accept these kinds of currency notes from persons even if they are not the customers of the bank.

RBI in its statement said that before exchanging notes one should see whether the notes are damaged or have marks on them. Currency notes having marks on them should be accepted by the bank counters and be credited in the bank accounts whereas damaged currency notes can be replaced at any bank branch. These kinds of currency notes will be accepted and replaced in accordance with the RBI rules.

The currency notes which are burnt and which are fixed with another notes will not be replaced by the banks. These kind of currency notes should be taken to the RBI where an authorized officer will take a decision on it. If any of the damage or mutilated notes have a pay/paid(or reject) stamp on it, then these notes will not be replaced by the banks. Any of the currency notes which have been deliberately torn off or cut off will be rejected by the banks.

Meanwhile, some agents are charging a commission for the exchange of these kinds of notes. A group of people is running this business of exchanging notes near the RBI Office situated near the Secretariat. An agent named Rajjaya said to exchange Rs.1000 they charge Rs.50-100 commission depending on the condition of the currency note. To save time by standing in a queue, people come to us.   

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