Facility for Exchange of Notes and Coins
The Reserve Bank of India (RBI) has outlined the facility for exchange of notes and coins at bank branches, including the delegation of powers under the RBI (Note Refund) Rules, 2009.
Key Provisions:
Soiled notes can be exchanged at bank branches, with a liberalized definition of a soiled note.
Mutilated notes can be presented and passed, with a specific procedure for exchange.
Extremely brittle, burnt, charred, or stuck-up notes are not eligible for exchange.
Notes with “PAY” / “PAID” / “REJECT” stamps, slogans, scribbling, or stains are not eligible for exchange.
Deliberately cut notes are not eligible for exchange.
Banks are required to display a notice board indicating the facility for exchange of notes and coins.
Uncurrent coins can be exchanged at bank branches.
The RBI will monitor and control the exchange facility.
Chat with the Master Circular:
Download: Master Circular – Facility for Exchange of Notes and Coins