RBI Currency Exchange Rules: You know, ladies and gentlemen, how new instructions by the Reserve Bank of India keep coming now and then in the currency areas. What has happened is, the Reserve Bank of India has released a circular related to torn notes. Most of you know that sometimes torn notes come out while withdrawing cash from ATM and, seeing the increasing cases of this, RBI has recently come out with new guidelines.
As you all might know, in today’s time there are incidents where torn notes come out at times while withdrawing at an ATM. Seeing the kind of cases rising day by day, the Reserve Bank of India has recently issued fresh instructions. Then, the next time you withdraw cash from an ATM, shredded notes come out, you should first do this. Let us know how.
RBI Currency Exchange Rules
Sometimes, torn notes can be dispensed by an ATM; however, do not worry over losing your hard-earned money because it is an easy process to replace the note. The Reserve Bank has recently issued a circular on what to do if you have been given a torn piece of currency note after you have withdrawn money from the ATM as part of the new process defined by the Reserve Bank of India.
You can change torn notes by going to the bank
Recently, the Reserve Bank has come up with new instruction regarding torn notes. Now, just to let you know, again while withdrawing money from the ATM Machine, such machines are already very much equipped with the most modern technologies, and these also check the notes while counting money. Still, if there is again a symptom of torn notes while coming out from the ATM, then visit the bank and fill the cash deposit form; torn note will subsequently be replaced in front of the bank official.
For your information, as per the newly released guidelines of RBI, in case an employee of the bank does not agree to exchange the torn notes, the Reserve Bank of India will levy a penalty on that mandated bank. It should be understood that this applies to all government and private banks in India.
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