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. The circular consolidates various circulars and notifications issued by the RBI on the subject.
The circular covers various aspects, including:
- Liberalized definition of a soiled note
- Mutilated notes – presentation and passing
- Extremely brittle, burnt, charred, stuck up notes
- Notes bearing “PAY”/”PAID” “REJECT” stamps
- Notes bearing slogans / political messages, etc.
- Deliberately cut notes
The circular also emphasizes the importance of training for bank staff and the need to display a notice board at bank branches.
Additionally, the circular outlines the procedure for disposal of notes adjudicated at bank branches and the agreement between RBI and commercial banks.
The circular also covers the exchange of uncurrent coins and the need for monitoring and control to ensure the smooth functioning of the facility.
Chat with the Master Circular:
Download: Master Circular – Facility for Exchange of Notes and Coins