Have soiled, torn or damaged currency notes? Check RBI guidelines for exchange
[ad_1] Representative image (Credit: Canva) NEW DELHI: Tearing or damaging a currency note is a common mishap, but to ensure it doesn't lead to financial loss, the Reserve Bank of India (RBI) has laid down clear rules for the exchange of damaged currency.The guidelines are meant to ensure that soiled, mutilated, or even badly deteriorated notes can be replaced based on the level of damage. These guidelines are mandatory for all authorised bank branches.Soiled notesCurrency that is dirty, discoloured, or bears minor tears is classified as soiled. Such notes can be exchanged at any bank branch, with or without holding an account. Banks either replace the notes on the spot or credit the amount to the customer's account.Mutilated notesNotes that are torn, missing portions, or severely damaged but still show essential security features are considered mutilated. These are evaluated under […]