Outlook Money
According to an RBI directive, all bank branches are required to provide assistance to customers for the purpose of issuing fresh notes in exchange of damaged notes.
A soiled note refers to a currency note that has become dirty due to regular use. It also includes a note that has been torn into two pieces and later reassembled, provided both pieces belong to the same note and together form a complete note, with only nonessential features missing.
This is a banknote that has a missing section or is composed of more than two parts.
Banks are required to exchange soiled notes over the counter free of charge if an individual presents up to 20 notes, with a total value not exceeding Rs 5,000 per day.
If an individual presents more than 20 notes or a total value exceeding Rs 5,000 in a day, banks are required to issue a receipt and credit the amount later.
If a note is torn into up to five pieces, non-chest bank branches can exchange it over the counter.
If the note is torn into more than 5 pieces or the total value of such notes exceed Rs 5,000, one has to send the notes to the nearest currency chest branch with bank details (account number, branch name, IFSC code) or visit the currency chest in person to exchange them.
Compiled by Syed Muskan