If you’ve got damaged notes or taped notes (Torn notes). And you’re not in a position to play the note anywhere. As the shopkeeper is refusing to accept the note. Now you don’t have to be worried as, once you have read the results of this operation. You’ll get perfectly written notes instead of your damaged notes. So, you won’t have to buy your Damage Note at a discount cheaper price. In reality, we’re declaring that because RBI has issued some guidelines to modify this tape-paste note. Please let us know, in accordance with bank regulations what you can do to change these notes, and how to return the full amount. Also, how do you make this tape-sticking note legal?
RBI rules for notes with mutilation
RBI states that damaged and old notes are able to be replaced easily and the bank doesn’t charge any fees. If the note has been badly burned or has been smashed into a number of pieces, the note cannot be exchanged. In accordance with the circular issued by the Reserve Bank, there is an exact limit on the amount you can exchange for notes that have been damaged. For instance, one is allowed to exchange up to 20 notes at one time however, the total value of each note should not exceed the amount of Rs. 5,000. However damaged, burned, or badly burned notes cannot be exchanged at the bank since they are only allowed to be deposited in the office that issues the notes of the RBI.
Bank accountability
In accordance with the Reserve Bank, if a counterfeit or fake note is taken out of the ATM the issue is the bank’s responsibility to investigate it. If there’s any type of flaw on the note, it must be examined by the staff at the institution. In case the serial number and watermark, Mahatma Gandhi, and the Governor’s oath are evident on the note, the bank has to modify the note in any event.
The more the note is torn, the higher the cost
It’s dependent on the state of your note and its value to determine if you’ll get the full amount in return or not. In the case of a slightly damaged note, you receive all the money. However, if the note is damaged, then you can get a portion of the amount back. For instance, if you hold a note with 2000 rupees, its portion of 88 square centimeters will provide you with its entire value. However in the case of shares that are 44 square centimeters, only just half the amount will be distributed. In the same way, if the 78 square centimeters of an unbroken note worth Rs 200 are safe and the money is fully available, the entire amount is available, however, only half of the funds will be accessible for 39 square centimeters.
Second example
If the biggest piece of a note having a value lesser than Rs.50 is greater than 50% of the regular note. Upon exchange, its entire value will be refunded. If the largest part of a note has an amount greater than Rs 50 greater than 80 percent of the normal note. You will be able to receive the total cost of the exchange of the note.
How do I replace a damaged note from an ATM?
To get the notes replaced that were withdrawn from the ATM. It is necessary to visit the bank in which ATM the notes were taken. You’ll need to fill out an application once you have gone there. The application will require you to fill in the details of the time, date, and location. In addition to an application for the loan, the receipt from the ATM must also be included. If the slip hasn’t yet been issued, the information about the transaction made via mobile has to be provided. Then, your banknotes will be altered by the bank in a matter of minutes.
Read More: Pradhan Mantri Mudra Loan Scheme to give a 10 lakh loan without guarantee, know details
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