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Received a torn or soiled currency note? Here’s how to change it with new currency

Speed News Desk | Updated on: 24 March 2022, 11:38 IST
How to exchange currency note?

All of us must have received a torn, mutilated, or damaged currency note either from an ATM or from a shopkeeper. If anyone finds out the currency is damaged or torn, the person will surely refuse to accept it. Out of desperation, people try to smartly pass the note to others. Some people find success in doing this while some fail.

If you are also having any torn or mutilated notes then don’t fret about it as the Reserve Bank of India (RBI) has solved your problem in its new guideline.

The only thing you need to follow is the tagline of RBI ‘aadat badlo, note badlo’.

As per RBI guidelines, torn, soiled, torn, defective, damaged, or mutilated notes can be easily exchanged with new notes.

Know how to replace torn notes with new currency:

According to RBI, if any person receives a mutilated note from ATM, then it can easily exchange at any public sector bank (PSBs). The government banks can’t deny exchanging currency.

While mutilated notes are the piece of currency whose one portion is missing or which is composed of more than two pieces. To exchange such notes, a person needs to fill out the form.

Bank will provide you the full money back against your mutilated notes, irrespective of the condition of the currency.

Remember, if a currency is torn then the bank could charge a minimal amount for replacing the note.

Please note that a bank can’t refuse to change a torn or mutilated note. If any government ignores to do that then you can register your complaint with the RBI.

To register your complaint, kindly visit https://crcf.sbi.co.in/ccf/ under the General Banking/Cash Related category.

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First published: 24 March 2022, 11:38 IST