RBI tweaks norms for exchange of defective rupee notes

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New Delhi:

Now, public can exchange defective or mutilated notes at RBI offices and designated bank branches across the country for full or half value, depending on the currency condition, according to the Reserve Bank of India.

The RBI on Friday made changes in the norms for exchange of defective currency notes.

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The RBI said amendments has been made to the Reserve Bank of India (Note Refund) Rules, 2009, to enable the public to exchange mutilated notes in Mahatma Gandhi (New) series, which are smaller in size compared to the earlier series.

“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 Rs 50 and above denominations...,” the RBI said.

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These rules come into force with immediate effect.

Following demonetisation in November 2016, RBI has introduced new notes of Rs 2,000, Rs 500, Rs 200, Rs 100, Rs 50, Rs 20, and Rs 10.

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