1. Facility for exchange of notes and coins at bank branches-(as per RBI Circular July17)
(a) All branches of banks in all parts of the country are mandated to provide the following customer services, more actively and vigorously to the members of public so that there is no need for them to approach the RBI Regional Offices for this purpose:
(i) Issuing fresh / good quality notes and coins of all denominations on demand,
(ii) Exchanging soiled / mutilated / defective notes, and
(iii) Accepting coins and notes either for transactions or exchange. In terms of section 6 (1) of The Coinage Act, 2011, the coins issued under the authority of section 4 shall be a legal tender in payment or on account, in case of :-
- a coin of any denomination not lower than one rupee, for any sum not exceeding one thousand rupees;
- a half-rupee coin, for any sum not exceeding ten rupees:
Provided that the coin has not been defaced and has not lost weight so as to be less than such weight as may be prescribed in its case.
Liberalized definition of a Soiled Note
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 should be accepted over bank counters in payment of Government dues and for credit to accounts of the public maintained with banks. However, in no case, these notes should be issued to the public as re-issuable notes and shall be deposited in currency chests for onward transmission to RBI offices as soiled note remittances for further processing.
4. Mutilated Notes – Presentation and Passing
A mutilated note is a note of which a portion is missing or which is composed of more than two pieces. Mutilated notes may be presented at any of the bank branches. The notes so presented shall be accepted, exchanged and adjudicated in accordance with Reserve Bank of India (Note Refund) Rules 2009.
5. Extremely brittle, burnt, charred, stuck up Notes
Notes which have turned extremely brittle or are badly burnt, charred or inseparably stuck up together and, therefore, cannot withstand normal handling, shall not be accepted by the bank branches for exchange. Instead, the holders may be advised to tender these notes to the concerned Issue Office where they will be adjudicated under a Special Procedure.
