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New law for banks to exchange torn and damaged Rs 200 and Rs 2000 notes
Posted on: 14/Aug/2018 12:55:51 PM
At current banks find it impossible to exchange Rs 200 and Rs 2000 notes owing to the old law for damages and torn currency exchange. Now the central government and Reserve Bank of India (RBI) working together for amending the rules to exchange new currency notes governing the banks’ exchange policies.
After the law people can exchange their Rs 200 and Rs 2000 notes that were damaged, soiled or torn. The finalization of new rules by RBI and government will soon be implemented for the damaged notes exchanges at banks.
RBI Note Refund Rules, 2009, under RBI Act`s Section 28 governs the exchange of mutilated currency notes and by the old law there are many provisions for the exchange of Rs 5, Rs 10, Rs 50, Rs 100, Rs 500, Rs 1,000, Rs 5,000 and Rs 10,000.The two newest denominations, Rs 200 and Rs 2000 will be added through the amendment of new draft rules guiding banks to exchange the currencies for the owners.
Under the existing rules the change in size of the Mahatma Gandhi Series notes (New) cannot find the possibility of exchanging for mutilated and imperfect notes. After the notification of amendments in official gazette the damages notes of new MG series can be exchanged. The official details and new rule implementation policies are sent to finance ministry for the amendment of the law as soon as possible.
