Mumbai, April 30: Soiled, torn and scribbled currency notes have become a big headache for the customers, majority of whom get it from the ATMs. While in the past such notes were readily accepted by merchants and banks, post demonetisation and the introduction of new Rs 2,000 and Rs 500 currency notes, the banks are refusing to exchange these soiled, scribbled currency notes. A good number of these notes are of Rs 2,000 and Rs 500 denomination.
RBI came to the rescue of such customers and directed both the nationalised and private banks and money lenders to accept the soiled, torn and scribbled notes from the customers.
The fresh circular from the apex bank on soiled notes must have come as big relief to customers who were at the receiving end for no fault of theirs. The RBI introduced clean note policy in 1999 asking banks do not pass on the soiled, torn or scribbled notes to the customers and deposit the same with the RBI. In 2002, under the clean note policy, RBI advised banks to stop stapling currency notes. The policy also stated that banks refusing to exchange such notes will be fined Rs 10,000. IN PICS: Reserve Bank of India’s Monetary Policy Committee: 7 things you need to know!
We list what facility the RBI has provided for exchange of soiled, scribbled, mutilated or torn currency notes.
RBI treats slightly cut, notes in two pieces as soiled notes. However, the numbers on the notes should be intact and not have passed through the number panels. All such notes can be exchanged in any public sector bank or private sector bank. The customers need not fill any form for this exchange, according to information on the RBI website.
Excessively soiled notes, burnt currency notes can only be exchanged at RBI offices and customers should approach the bank offices for exchange of such notes. ALSO READ: Rs 2000 currency notes not to be banned, clarifies govt; urges people to ignore rumours
RBI treats currency notes that do not have essential portions like name of issuing authority, signature, guarantee, promise clause as mutilated notes. Such notes can also be exchanged at any public or private sector banks without filling any forms but the refund value of such notes is paid as per RBI Note Refund rules.
RBI also offers Triple Lock Receptacle (TLR) covers option for exchange of mutilated currency notes. This facility allows the customers to submit the mutilated notes in TLR covers with details like name, address, denomination of notes etc. The exchange value of the mutilated notes is paid to the customer through a bank draft or a pay order. Mutilated notes for exchange can also be sent to RBI offices by registered/insured post.