Reserve Bank of India has introduced new rules for the mutilated notes refund. On Friday RBI issued an advisory to all its branches for the exchange of mutilated/defective notes.
As per the new amendments to the Reserve Bank of India (note refund) rules 2009, the public can exchange mutilated notes in Mahatma Gandhi (New) series at bank branches and RBI offices, which are smaller in size compared to the earlier series.
After the demonetisation new currencies notes were introduced and people were worried about the exchange of new currency defected notes. This new order is certainly a relief and allows the people to exchange new notes which were introduced post demonetisation. For example, the govt has introduced new notes of RS 200, RS 2000, RS 500, RS 100, RS 50 and RS 10 and now after the amends in the rule, one can exchange the new series notes as well. The value of exchanged notes depends upon the condition of the currency.