Often when you go to withdraw money from the ATM and you find torn notes, You get worried and start wondering who will take these worthless notes now and what will happen to them? But, there is no need to worry, whether it is a big or small note, it can be easily changed and a new note can be obtained.
The special thing is that banks cannot refuse to exchange these notes. Reserve Bank of India (RBI) has set rules for exchanging torn notes and till now it is also making people aware through TV advertisements and social media. So now instead of pasting torn notes and circulating them secretly, you can exchange them as per RBI rules and get new notes.
It is very easy to change torn notes
If this issue of issuing torn notes happens to you too, then do not panic at all. You can change these notes easily. RBI rules clearly say that if torn notes come out of ATM then the bank cannot refuse to exchange them. The process of exchanging notes in banks is not long, but is done within minutes. Its method is also very easy.
First of all you have to take these torn notes to the bank from where the ATM machine is located. There you have to write an application, in which you have to tell the date, time of withdrawal and the name of the ATM from where the money is withdrawn. Along with this, a copy of the slip issued from the ATM also has to be attached. If there is no slip then you can give the transaction details received on the mobile.
Awareness is also being created through advertisements
As soon as you give all the information to the bank, you will immediately be given other notes of that value. In April 2017, RBI has said in one of its guidelines that banks cannot refuse to exchange torn and dirty notes. All banks will exchange torn and dirty notes of people in every branch and this will be done with all the customers.
Apart from this, RBI also keeps issuing circulars regarding these torn notes from time to time. Till now the Reserve Bank is also making people aware about this through TV advertisements and social media.
Where and what type of notes will be exchanged?
According to the RBI circular, torn notes can be exchanged at the issue office of RBI, all public sector banks or chest branches of private sector. If you have torn or rotten notes and their number panel is correct, then notes worth more than Rs 10 can be exchanged. According to the rules of the Reserve Bank, a person can exchange a maximum of 20 notes at a time, the total maximum value of these notes should not exceed Rs 5,000.
However, notes cannot be changed in some situations. According to Reserve Bank of India rules, if notes are badly burnt or torn, they cannot be replaced. Such notes can be deposited only at the issuing office of RBI. According to the rules, if a bank refuses to exchange your torn notes, you can complain directly to the central bank.
