Got Torn Currency Notes? Here's How To Exchange Them At Any Bank - Procedure And Limits

Have you recently got a torn or soiled currency note? Fret not, because you can now get them exchanged in any bank all over the country.?

The rules might vary when exchanging such notes in small amounts and in bulk.?

As mentioned on the Reserve Bank of India (RBI) website, “A ‘soiled note’ means a note which has become dirty due to normal wear and tear and also includes a two piece note pasted together wherein both the pieces presented belong to the same note and form the entire note with no essential feature missing. These notes shall be accepted over bank counters in payment of Government dues and for credit to accounts of the public maintained with banks.”

The Hans India

Bank branches will not accept notes that are excessively brittle, burnt, charred, or inseparably stuck together and unable to withstand regular handling. Holders of such notes should submit them to the Reserve Bank of India (RBI) for evaluation through a special procedure.

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What Is The Set Amount Of Notes That Can Be Exchanged In A Day?

You can exchange up to 20 notes with a daily maximum value of Rs 5,000 at banks for free.

If the number of notes exceeds 20 pieces or Rs 5,000 in value per day, banks accept them against receipt and the value will be credited later. For this process, banks will levy service charges as well.?

In a circular released by RBI, it says,?

“Where the number of notes presented by a person is more than 5 pieces but not exceeding ?5,000 in value, the tenderer shall be advised to send such notes to nearby currency chest branch by insured post giving his / her bank account details (a/c no, branch name, IFSC, etc.) or get them exchanged thereat in person. All other persons tendering mutilated notes whose value exceeds ?5,000 shall be advised to approach nearby currency chest branch. Currency chest branches receiving mutilated notes through insured post shall credit the exchange value to the account of sender by electronic means within 30 days of receipt of notes.”

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