Facility for Exchange of Notes and Coins
The Reserve Bank of India has issued a Master Direction outlining the facility for exchanging notes and coins at bank branches.
Key Provisions:
The direction delegates powers under the Reserve Bank of India (Note Refund) Rules, 2009, and liberalizes the definition of a soiled note.
Exchange of Notes
Soiled notes can be exchanged at bank branches, with different procedures for small and bulk presentations.
Mutilated and imperfect notes can also be exchanged, with separate procedures for small and bulk presentations.
Grievance Redressal
A grievance redressal mechanism is established to address customer complaints.
Special Cases
Notes with “PAY” / “PAID” / “REJECT” stamps, slogans, scribbling, or stains are subject to specific exchange procedures.
Deliberately cut notes are not eligible for exchange.
Implementation
Banks are required to provide training to their staff and display a notice board at their branches.
Disposal of notes is also outlined in the direction.
Chat with the Master Direction:
Download: Master Direction – Facility for Exchange of Notes and Coins (Updated as on May 15, 2023)