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 at bank branches.
Key Points:
The circular delegates powers under the Reserve Bank of India (Note Refund) Rules, 2009, and liberalizes the definition of a soiled note.
It outlines procedures for exchanging soiled, mutilated, and imperfect notes, including those that are extremely brittle, burnt, charred, or stuck together.
Notes bearing “PAY” / “PAID” / “REJECT” stamps, slogans, or political messages, as well as deliberately cut notes, are also addressed.
The circular emphasizes the importance of training, display of notice boards, and disposal of adjudicated notes at bank branches.
It also covers the handling of uncurrent coins and monitoring and control measures.
The circular aims to provide a comprehensive guide for banks to facilitate the exchange of notes and coins, ensuring efficient and customer-friendly services.
Chat with the Master Circular:
Download: Master Circular – Facility for Exchange of Notes and Coins