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The Reserve Bank has been extending facilities to the public for exchanging cut and mutilated banknotes

The Reserve Bank has been extending facilities to the public for exchanging cut and mutilated notes at all its Issue Offices and currency chest branches of commercial banks. In order to make the Note Refund Rules easy to understand and to apply, these have been comprehensively revised and simplified. It has also been decided that any officer of the designated branch can adjudicate mutilated notes presented thereat. It is hoped that simplification and liberalisation of the Rules would help both, the prescribed officers as well as the tenderers of mutilated notes to easily comprehend the revised Rules and enable the former to apply the Note Refund Rules without leaving any scope for subjectivity.

While the facility for exchange of soiled notes is to be provided by all banks at all of their branches, the facility of exchange of mutilated notes would be available at designated bank branch/es (including cooperative banks and RRBs) to all tenderers whether they are account holders or not. This is a duty that the banking system as a whole owes to the public. It needs no emphasis that the object of simplification of RBI Note Refund Rules and its extension is to help members of the public exchange the cut/mutilated notes in their possession without difficulty. The designated bank branches should play an active role and ensure that the facility is operated for the benefit of the members of public at large and is not pre-empted by a group of persons.

Source: rbi.org

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