Post one of the most revolutionary changes in India, i.e. demonetisation, the country is witnessing changes rapidly in the Modi government....
Post one of the most revolutionary changes in India, i.e. demonetisation, the country is witnessing changes rapidly in the Modi government. Whether some black money was eliminated or not, citizens surely came to know that they are going to witness some progress, therefore some problems as well. And they were no wrong; after standing in long queues in the period of demonetisation just when people had just taken a sigh of relief, they came to know about hurdles while exchanging damaged notes of rupees 2000 and 200. But RBI has found a solution now and new rules.
The rules and guidelines made and directed by RBI earlier did not apply on the new notes of ₹200 and ₹2000; therefore banks could not exchange even damaged or mutilated notes of the amount. RBI had written to finance ministry of India while raising the concern, and now after passing clearance from the latter, RBI has issued new directions for the exchange of new notes.
"It has been done to enable the public to exchange mutilated notes in Mahatma Gandhi (New) series, which are smaller in size compared to the earlier series," said RBI. However, not every time, one will get the full value of note on the exchange; but might end up getting half or lesser than its original value. Refund one might get on the exchange of the note depends upon the damaged area.
According to The Financial Express,
The rules and guidelines made and directed by RBI earlier did not apply on the new notes of ₹200 and ₹2000; therefore banks could not exchange even damaged or mutilated notes of the amount. RBI had written to finance ministry of India while raising the concern, and now after passing clearance from the latter, RBI has issued new directions for the exchange of new notes.
"It has been done to enable the public to exchange mutilated notes in Mahatma Gandhi (New) series, which are smaller in size compared to the earlier series," said RBI. However, not every time, one will get the full value of note on the exchange; but might end up getting half or lesser than its original value. Refund one might get on the exchange of the note depends upon the damaged area.
According to The Financial Express,
For Rs200 notes–
– To get a full refund of Rs 50, Rs 100 Rs 200 and Rs 500 notes, a note must be composed of 2 pieces which individually have an area equal to or more than 40% of total area of note in that denomination.
For Rs 2000 notes –
– The value of a mutilated note of Rs 2000 denomination may be refunded in full or half depending upon the case. For a full refund, the minimum undivided area of the single largest piece of the note should be 88 square. For a half refund, the area should not be less than 44 square cm.
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