RBI publicises exchange of notes and coins- (Reserve Bank of India) (18 Jul 2016)

MANU/RDCM/0007/2016

Banking

The Reserve Bank of India issued a master circular reiterating facilities for exchange of notes and coins, and broadening the use of currency not in the most pristine condition.

It states specifically that all bank branches should ‘actively and vigourously’ provide services to exchange soiled notes and issue fresh notes of all denominations to the public, instead of asking them to approach the RBI Regional Office. Banks have been asked to provide the services ‘without discrimination’ and on all working days.

Among other user-friendly measures, ‘taped notes’ have been brought within the ambit of ‘soiled notes’. If such notes comprise two piece note pasted together, with the pieces belonging to the same note and no essential features missing, they will be accepted over bank counters in payment of government dues and credit to account.

Relevant : Exchange of Soiled/ Mutilated/ Imperfect Notes MANU/RDCM/0006/2016 Acceptance of Small Denomination Notes and Coins MANU/RDCM/0004/2007 Detection and Impounding of Counterfeit Notes MANU/RDCM/0008/2016

Tags : SOILED MUTILATED CURRENCY EXCHANGE