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It often happens with us that when we pay for any item or service in the market, shopkeepers refuse to take the notes due to mutilated notes exchange rules or damage. Because of this you have accumulated mutilated and damaged notes. So you don't need to take tension. You can easily replace your mutilated notes, about which we are going to tell you in this report.
According to RBI rules, such notes can be easily exchanged in the bank. In return, the bank replaces your bad note except under certain conditions. For this, circulars are also issued by RBI from time to time.
Know where you can exchange notes
For this, you can easily exchange notes by going to your nearest bank branch or RBI office. Banks cannot deny this. However, a limit has been set for this. According to RBI rules, a person can exchange only a maximum of 20 notes at a time. Also, their price should not exceed Rs 5000.
Banks do not exchange these notes
Whenever you go to exchange the note, the bank always checks the condition of the note while changing it. If the note is deliberately torn, burnt completely, and broken into more pieces, it cannot be replaced. Such notes can be deposited only at the issuing office of RBI. To get more information related to note exchange, you can give a missed call to RBI helpline 14440.
What to do if you get damaged notes from ATM?
If a torn note comes out while withdrawing money from the ATM. You have to go to that bank (which has an ATM). You will have to go there and write an application and submit the ATM slip and give information related to the transaction. If the slip has not been issued from the ATM, then you can also give the information about the SMS received on the mobile, after which the note will be easily changed.