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Reserve Bank's new rules to replace mutilated notes

Saturday - September 8, 2018 4:09 pm , Category : WTN SPECIAL

After looking at the status of the note, its value will be decided
SEP 08 (WTN) - If you are going to change the mutilated note in the bank, then this article is for you. RBI, that is, the Reserve Bank of India has changed the rules for changing mutilated notes. For your information, let you know that the RBI has brought new rules after bringing Rs 2,000 and Rs 200 note and other low value new notes in market. As you know, after the demonetization, the Reserve Bank brought notes of Rs. 2,000 and Rs 200 in the market. Apart from this, small notes of 10, 20, 50, 100 and 500 rupees were also printed.

According to the Reserve Bank guidelines, mutilated note can be changed in the RBI offices or nominated bank branches across the country. Only after seeing the status of the note, it can be changed at half price or at the whole value.

While revising the Reserve Bank (Note Refund) Rule 2009, the central bank has taken this step to facilitate people to change the mutilated notes in the Mahatma Gandhi (new) series. For your information, let you know that the new series notes are smaller than the previous series. With these orders, these rules have come into force with immediate effect.

According to the Reserve Bank, "Regulations have been changed in respect of the requirement of minimum area of notes for payment of full value in case of notes worth Rs.50 and above."

For your information, the rupee has been steadily declining against the dollar in the last few weeks. According to the banking sector experts, the Reserve Bank can increase the bank rates by up to 0.5 percent for the strength of rupees. Countries such as Argentina and Indonesia have done so to boost their currency. The Reserve Bank of India will announce its monetary policy on October 4, in which the RBI can increase the repo rate due to the policy.
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