Returning torn Rs 500, Rs 2,000 notes may get only half their value!

Returning torn Rs 500, Rs 2,000 notes may get only half their value!

While exchanging a damaged Rs 2,000 or Rs 500 note, you may get nothing or only half their value in refund depending on how badly the note is mutilated or soiled. The Reserve Bank of India has amended its guidelines on exchange of mutilated or torn currency notes which explain how much refund they will be eligible for depending on their state. The new rules will govern the terms of exchange for damaged Rs 500 and Rs 2,000 notes, as well as the Rs 10, Rs 20, Rs 50 and Rs 100 notes released under the new Mahatma Gandhi series.

To counter this problem, the RBI has come out with refreshed rules to include

The new rules by RBI stipulate that the single largest piece of a damaged or torn Rs 2,000 note must have a minimum undivided area of 88 per cent of the note’s original dimension for a full refund and 44 per cent for getting half the value back. In case of the Rs 200 note, the single largest piece or undamaged area must measure 78 per cent of the original note for full refund and 39 per cent for half refund.

For exchanging a mutilated Rs 100 note bearing the new Mahatma Gandhi serial number, the full value will be refunded if the single largest piece is 75 per cent of the original size, and half the value will be returned if it is 38 per cent. For full refund on a mutilated new Rs 50 note, the single largest piece has to be 72 per cent of the original surface area of the note, and 36 per cent for half the value.

The new rules have been put into effect right after the gazette notification to this effect was published earlier this week. People can exchange mutilated or defective notes at RBI offices and designated bank branches across the country for either full or half value, depending upon the condition of the currency.

Source:- informalnewz