How and where you can exchange your damaged currency notes


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What do you do with that damaged foreign money word the cabbie or the grocery save proprietor slipped you together with your change? Palm it off to the following unsuspecting person you pay in coins, or let it languish to your wallet for months? A higher choice could be to go to a bank and get it exchanged.


A whole set of recent currency notes have come into movement considering demonetisation, which include the brand new denominations of ₹ two hundred and ₹ 2,000 notes. However, till currently, there was no clarity on policies for changing the brand new denominations of ₹ 2 hundred and ₹ 2,000 notes.

Earlier this month, the Reserve Bank of India (RBI) put out a gazette notification, extending the prevailing currency exchange guidelines for other denominations to new denominations of ₹ two hundred and ₹ 2,000 notes as properly.

We tell you how and where you can change your damaged foreign money notes.

Currency notes you could exchange

According to RBI hints, three extensive categories of currency notes are eligible for alternate or refund. The first class is imperfect notes, which include any financial institution observe that has long past thru the wash or exchanged such a lot of palms that the print has emerge as indecipherable.


The second is mutilated notes, which refers to currency notes that have fallen apart or have been torn up, or those which have been prepare using torn portions.

The 0.33 category is mismatched notes. In the uncommon circumstance that you obtain a notice that is made up of mismatched portions caught together, you could nevertheless get it exchanged.

However, you may be refused a refund if the forex notes you turn in are extraordinarily brittle, badly burnt or caught together in a way that they are able to’t be separated. If the bank suspects that the notes were intentionally break up, it could refuse to update them.

Currency notes which might be written on stay felony tender, and you could get a reimbursement towards these as well.

“While writing at the currency notes isn’t illegal according to se, any word with slogans and message of a political nature written across it is not considered as prison tender and such notes will not be everyday by using the RBI,” said Navin Chandani, leader business development officer, Bankbazaar.

How an awful lot is the refund?

Does this suggest you may get money back of the whole fee of the notes you switch in? That’s now not actual in all the instances.

In case of mutilated notes, you may get a complete refund only if the area of the single biggest undivided piece of the currency observe is extra than 80% of the whole region of an undamaged word. If the biggest piece is bigger than forty% of the area, however much less than 80%, you may only get hold of half of the price of the word. If the most important piece is smaller than 40% of the vicinity, you gained’t get a reimbursement in any respect.

The policies are barely distinct for mismatched notes where pieces of exclusive notes are caught together. In such instances, the value of the larger piece might be taken into consideration. For mismatched notes of ₹ 50 or extra, the two pieces may be treated as separate notes, and the refund you receive will rely on the measurements of the person pieces.

The latest RBI notification, amending the Reserve Bank of India (Note Refund) Rules 2009, clarifies that the identical guidelines will follow to the exchange of ₹ 2 hundred and ₹ 2,000 notes as nicely. “With this change, currency notes of these denominations, which had been brought after demonetisation, also can be exchanged. The technique for exchanging the (damaged) notes continues to be the identical,” said Chandani.

Where can you get the refund from?

You can stroll into any financial institution department, even if you are not a consumer of that bank, to get your damaged notes exchanged. You can also method RBI at once through one in all its regional offices to are looking for money back.

However, if you are looking to trade extra than 20 notes, or notes worth ₹ 5,000 or greater, and the bank is not able to give you a refund right away, the teller can accept them against a receipt, and credit the value to you inside 30 days. They also can levy a provider price on the exchange in this situation.

For an amount above ₹ 5,000, a financial institution branch might redirect you to a chest financial institution. These are branches permitted by using RBI to stock and distribute foreign money notes and coins to different branches inside the vicinity.

You can use broken notes to pay application bills and taxes or deposit them in a financial savings financial institution account. These notes aren’t again into circulation.

Even the new notes that came after demonetisation are regularly getting worn out. With a bit more attempt, you could salvage the cost of all those tattered and soiled notes you emerge as with.


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