Facility for Exchange of Notes and Coins
The Reserve Bank of India (RBI) provides a facility for exchanging notes and coins at bank branches.
Delegation of Powers
The RBI has delegated powers to authorized officers to handle note refund rules.
Liberalized Definition of a Soiled Note
The definition of a soiled note has been liberalized to include notes that are dirty, stained, or contaminated.
Mutilated Notes
Mutilated notes can be presented and passed at bank branches, with procedures in place for exchange.
Procedure for Exchange of Soiled/Mutilated/Imperfect 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 similar procedures.
Grievance Redressal
A grievance redressal mechanism is in place to handle customer complaints.
Notes with Stamps/Scribbling/Stain
Notes with “PAY”/”PAID”/”REJECT” stamps, slogans, scribbling, or stains can be exchanged at bank branches, subject to certain conditions.
Chat with the Master Circular:
Download: Master Circular – Facility for Exchange of Notes and Coins