What to do if you get a torn note from an ATM?: Where and how to exchange, know RBI rules for exchanging old bad notes

Many times a torn note accidentally gets into your pocket while buying goods in the market. Shopkeepers also refuse to accept such notes. Some people consider it a loss and forget it and don't even try to change the note. Similarly, there have been complaints of ATM machines often issuing torn notes. Many times money is left in the pants pocket and the pants are washed in the washing machine. Later it is found that the note is completely wet and spoiled.

Similarly, what to do if there is a fire in the house and some of the cash kept in the house gets burnt, wet, eaten by termites or spoiled? Should we consider it a loss and forget it or is there some way to get new notes in exchange for these old, damaged notes?

According to the Reserve Bank of India (RBI), if you have an old, torn or damaged note, you can exchange it by visiting any bank or RBI office. However there are some rules for that too.

So today In work news Let's talk about how torn notes can be replaced? You will also learn that-

Question: Where can old bad notes be exchanged? Answer- See the details in the graphic below-

Question- Do banks have to pay any fee for exchanging old and bad notes and issuing new notes? Answer- No. There is usually no fee for old currency exchange. However, it also has a daily limit. The bank may charge some fees if the notes exceed that limit.

Q- What is the rule of RBI regarding exchange of old currency? Answer- According to the Reserve Bank of India (RBI), a bad note is one that has deteriorated due to regular use. This also includes notes that have been cut into two pieces. No important information written in it has been corrupted or lost. All these notes can be exchanged from government banks, private banks, currency chest branches of banks or any office of the Reserve Bank of India. There is no need to fill any form to do this.

See all the important rules in the graphic below-

Question: What types of notes can a bank refuse to exchange? Answer- According to the Reserve Bank of India (RBI), if a note is burnt, torn into pieces or badly damaged, the bank may refuse to replace such note. These notes can be deposited only at the issue office of RBI. Banks can take back only those torn or old notes that have all the essential features of a note. Apart from this, if the notes have been deliberately damaged, the bank may refuse to exchange such notes. See the details in the graphic below-

Question- What to do if you get a torn note from ATM? Answer: Sometimes torn notes may come out while withdrawing money from ATMs. Seeing a torn note, people get stressed and wonder what will happen to it now? No shopkeeper will accept such notes, but there is no need to panic in such cases. If any torn note comes out of the ATM machine, such note can be easily replaced by going to the same ATM bank branch.

Question- What to do if the bank refuses to exchange the torn notes? Answer- As per RBI Note Refund Rules, 2009, no bank can refuse to replace or refund torn, damaged, taped or torn notes. If a bank does this, customers can lodge a complaint online. This will lead to action against the bank by the RBI and may also impose a penalty on the bank.

Question- As per RBI, what is the definition of damaged, burnt notes? Answer- According to RBI, bad notes are divided into several parts. such as-

Dirty notes According to RBI, 'dirty notes' means notes that are soiled due to normal wear and tear or have tape on them.

Torn notes Torn notes are notes with one part missing or broken into more than two pieces

Burnt or stuck notes Notes which are weakened due to excessive use or burnt due to any reason. Which is so damaged that any information written on it is not clear. Such notes can be exchanged directly from the RBI office.