Facility for Exchange of Notes and Coins
The Reserve Bank of India (RBI) provides facilities for the exchange of notes and coins at bank branches.
Exchange of Notes:
Soiled notes can be exchanged at bank branches, with a liberalized definition of a soiled note. Mutilated and imperfect notes can also be exchanged, with specific procedures for presentation and passing.
Special Cases:
Notes bearing “PAY”/”PAID” or “REJECT” stamps, slogans, or political messages can be exchanged, but deliberately cut notes are not eligible. Extremely brittle, burnt, charred, or stuck-up notes have specific procedures for exchange.
Implementation:
Banks are required to provide training to their staff, display notice boards, and dispose of adjudicated notes properly. The RBI monitors and controls the exchange facility.
Uncurrent Coins:
The RBI also provides facilities for the exchange of uncurrent coins.
Chat with the Master Circular:
Download: Master Circular – Facility for Exchange of Notes and Coins