RBI Issues New Guidelines For ₹100, ₹200 And 500 Rupees Note, Big Announcement By The Government
₹100, ₹200 And 500 Rupees Note : In India, paper currency is used regularly, and because of this, notes often become dirty, torn or damaged. Many times, when you withdraw cash from an ATM, you may receive mutilated notes, which can cause problems while using them. Such notes can create inconvenience for both customers and service providers.
If you have notes that are torn into pieces or are badly damaged, the Reserve Bank of India has now issued clear rules regarding them.
₹100, ₹200 And 500 Rupees Note RBI’s New Guidelines
RBI has directed all banks to accept dirty, torn, or damaged notes and exchange them. RBI has set specific rules to determine the value of such notes. Let’s understand these rules:
No Bank Can Refuse to Exchange These Notes
According to RBI, people holding torn or mutilated notes do not need to worry. RBI and all banks cannot refuse to accept these notes. As per the law, you can exchange such notes and get new ones, so your financial situation will not be affected.
Refund Depends on the Note’s Condition
You can exchange damaged notes at any RBI office or at your nearest bank branch. However, the refund depends entirely on the condition of the note.
No Need to Open a Bank Account
According to Prashant Joshi, MD and Head of Consumer Banking Group at DBS Bank India, a person does not need to have a bank account to exchange dirty or torn notes. Anyone can visit any nearby bank branch on working days and get the notes exchanged.
What is Considered a Torn or Mutilated Note?
Shivraman K., General Manager of South Indian Bank’s Banking Operations Group, explained that a currency note is considered “mutilated” when:
- A part of the note is missing, or
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The note is in more than two pieces.
How Much Value Do You Get for a Damaged Note?
RBI and banks decide the value of damaged notes based on their condition. According to Joshi, the value you get depends on the quality of the note. The bank may give you:
- Full value
- Half value
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Or no value at all
If the note is slightly damaged, you may get full value. If it is severely damaged, you may get only half or no value.
Rules for Notes Below ₹50
According to RBI guidelines, for notes of less than ₹50:
- If 50% or less of the note is damaged, you will get full value
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If more than 50% of the note is damaged, you may not get any refund
This means the condition of the note greatly affects its value.
RBI Rules for ₹2000 Notes
According to RBI’s website:
- Length: 16.6 cm
- Width: 6.6 cm
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Area: 109.56 sq. cm
If the remaining area of the note is:
- 88 sq. cm or more → Full refund
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44 sq. cm → Half refund
Rules for 500 Rupees Note
The ₹500 note has:
- Length: 15 cm
- Width: 6.6 cm
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Area: 99 sq. cm
Refund conditions:
- If the remaining area is 80 sq. cm, you will get full value
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If it is 40 sq. cm, you will get half value