RBI Changes Rules For Exchanging Mutilated Currency

The Reserve Bank of India (RBI) on Friday changed rules for exchange of defective currency notes. Post demonetisation, the central bank came up with Rs. 2000, Rs. 200 and other currency notes in lower denomination including Rs. 10, Rs. 20, Rs. 50, Rs. 100 and Rs. 500. Now, as per the new norms, the general public can exchange mutilated or defective currency notes at the designated bank branches and RBI offices across the country for either full or half value based on the condition of the currency.

The central bank while making changes to the Reserve Bank of India (Note Refund) Rules, 2009 said it has been done to allow people to exchange mutilated notes in Mahatma Gandhi (New) series that are small in size in comparison to the previous series. The changed rules apply with immediate effect.

Also, the RBI said, "We further inform that there is a change in the minimum area of the single largest undivided piece of the note required for payment of full value for notes of rupees fifty and above denominations..."

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