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 (Note Refund) Rules, 2009, as amended in 2018, delegate powers to authorized officials for note refund.
Liberalized Definition of a Soiled Note
The definition of a soiled note has been liberalized.
Mutilated Notes
Mutilated notes can be presented and passed at bank branches.
Extremely Brittle, Burnt, Charred, Stuck-Up Notes
Special procedures apply for exchanging extremely brittle, burnt, charred, or stuck-up notes.
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 specific guidelines for presentation and passing.
Notes with “PAY” / “PAID” / “REJECT” Stamps
Notes with “PAY” / “PAID” / “REJECT” stamps can be exchanged, subject to certain conditions.
Notes with Slogans/Scribbling/Stain etc.
Notes with slogans, scribbling, stains, or other defects can be exchanged, subject to certain conditions.
Deliberately Cut Note
Deliberately cut notes are not eligible for exchange.
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Download: Master Circular – Facility for Exchange of Notes and Coins