Many times it happens that even while withdrawing money from ATM, mutilated or old notes are found. In such a situation people get worried. But you don’t need to worry. For this you must see the RBI guideline. According to the new rules of the Reserve Bank, if you also have old or mutilated notes of 500 rupees, then you do not need to worry at all. Now you can exchange such notes by visiting any branch of the bank. If a bank employee refuses to exchange your note, then you can also file a complaint about this.

You have to keep in mind that the worse the condition of the note, the less its value decreases. Tell that if you have a lot of burnt notes, or notes stuck together, then they can also be changed from the RBI office, but the bank will not take them, you will have to take them to the issue office of RBI. It has to be remembered that these things will definitely be checked by the institution that the damage to your note is genuine and not intentionally damaged. According to RBI, any torn note will be accepted only when a part of it is missing, or which consists of more than two pieces and is pasted together, provided that no essential part of it is missing.

If some special parts of the currency note, such as the name of the issuing authority, guarantee and promise clause, signature, Ashoka Pillar, Mahatma Gandhi’s picture, water mark, etc. are also missing, then your note will not be exchanged. Soiled notes which have become unusable due to circulation in the market for a long time can also be exchanged.

– By Nadia Faiza, Hindustan University

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