Facility for Exchange of Notes and Coins
The Reserve Bank of India (RBI) has issued a master circular outlining the facility for exchange of notes and coins at bank branches.
Key Provisions:
The circular delegates powers under the Reserve Bank of India (Note Refund) Rules, 2009, and liberalizes the definition of a soiled note.
It outlines procedures for exchanging soiled, mutilated, and imperfect notes, including those that are extremely brittle, burnt, charred, or stuck together.
Notes bearing “PAY”/”PAID” or “REJECT” stamps, as well as those with slogans or political messages, are also addressed.
Deliberately cut notes are not eligible for exchange.
The circular also emphasizes the importance of training for bank staff and the display of notice boards at bank branches.
It outlines the disposal of notes adjudicated at bank branches and the agreement between the RBI and commercial banks.
Finally, it addresses the exchange of uncurrent coins.
Chat with the Master Circular:
Download: Master Circular – Facility for Exchange of Notes and Coins