Handle your currency notes with utmost care, for exchanging torn notes may get you nothing or just half the value, according to new RBI guidelines.
The Apex bank has amended its currency exchange norms to include the newly introduced notes within the ambit of the exchange rules and has prescribed new guidelines for the refunds.
Here's everything you need to know.
Need for the new norms
After the November 2016 demonetization move, RBI had issued new Rs. 2,000 and Rs. 200 notes, along with updating the existing currency with new smaller notes of Rs. 10, Rs. 20, Rs. 50, Rs. 100 and Rs. 500.
Since the exchange rules of these notes were not included, the central bank has amended its guidelines to include them in the new rules.
Guidelines for exchange of Rs. 2,000 and Rs. 500 notes
As per the new rules, the single largest piece of a torn/mutilated Rs. 2,000 note must have a minimum undivided area of 88% of the note's original area for a full refund and 44% for the payment of half value.
For Rs. 500 note, the single largest piece area required for full value and half value refund should be 80% and 40%, respectively.
Guidelines for the refund on Rs. 200, Rs. 50 note
For Rs. 200 note, the single largest piece area required for full value return must measure 72% and 36% for half value refund. For Rs. 50 note, the area required for full and half value refund should be 72% and 36%, respectively
Rs. 200 & Rs. 100
Guidelines for refund of other notes
For Rs. 200 note, the single largest piece area required for full value return must measure 78% and for half value refund, it must measure at 39%.
For Rs. 100 note (new), the single largest piece area required for full value and half value refund should be 75% and 38%, respectively.
For Rs. 100 old note, the measurement must be 92% and 46%, respectively.
You can exchange torn/damaged notes at RBI offices and banks
The new rules have come into force with immediate effect. Further, you can change torn or defective notes at RBI offices and designated bank branches across India, depending upon the condition of the note.