Why Worries? Exchange Damaged Currency Notes Here For Free Mar 02, 2021, 13:02 IST
Damaged currency notes can be frustrating when refuses to accept them. But do you know that getting torn, damaged and partially burned or any kind of soiled notes exchanged with new ones is as easy as walking into your nearest bank? This is because the RBI has made it mandatory that every bank should accept damaged currency note without charging any fee.
As per RBI, before approaching a bank to exchange the damaged note, you should check whether it is soiled or mutilated. A soiled note also includes a two-piece note pasted together with no essential feature missing. These notes should be accepted over bank counters in payment of government dues and for credit to accounts of the public maintained with banks.
India’s apex banking institution, the Reserve Bank of India (RBI), has issued new master directions that will stop online merchants, payment aggregators and