RBI makes exchange of damaged notes easier

CA. A. Kumar (Associate Consultant) (2362 Points)

10 July 2008  

The Reserve Bank of India (RBI) has made it easier to exchange soiled and damaged currency notes with fresh ones, with setting up facilities at various branches of banks. Even the mutilated currency notes, with essential features intact, can be exchanged at designated branches of the banks. But, RBI has also clarified that currency notes with slogans and messages of political nature written on them by users would cease to be a legal tender and hence could not be exchanged with fresh notes. Moreover, customers can also use the soiled and cut notes to pay government dues and make deposits in their accounts with the banks. In case if the currency notes are extremely brittle, badly burnt or inseparably stuck, they can only be exchanged at issue offices of the RBI