Reserve Bank of India (RBI) has recently issued new guidelines regarding the exchange of the 500 rupee currency note. Many times people face the issue of receiving mutilated or old notes while withdrawing money from ATMs. In such situations, people get worried, but the new RBI guidelines have made it easier for people to exchange old or mutilated notes.
According to the new rules issued by the Reserve Bank of India, notes of 100, 200, and 500 rupees are issued, but after demonetization across the country, there have been many rumors and fake news about the notes. However, people can easily exchange their old or mutilated notes by contacting their nearest bank branch. If two notes have the same serial number, they can still be valid if they have different inset letters, printing years, or governors of the Reserve Bank of India.
To identify fake notes, the Reserve Bank has issued guidelines on how to identify the new 500 rupee note. There were claims that the note of 500 rupees is fake, in which the green strip is not near the signature of the RBI governor, but of Gandhiji. PIB tweeted that both types of notes are valid. RBI has also shared a PDF to help people differentiate between genuine and fake 500 rupee notes.
It is essential to know how to identify unfit notes. If the notes have become dirty or have soil on them, then they are considered unfit. Notes that have been used for a long time become loose or torn. Torn notes from the edge to the center, notes with more than 100 square millimeters of dog ears, and notes with holes larger than 8 square millimeters are all considered unfit. Any graphic change in the note, ink smears, color fading, tape, or glue on the note makes it unfit. If the color of the note changes, then such a note is considered unfit as well.
As per the new rules of the Reserve Bank, old or mutilated notes of 500 rupees can be exchanged by visiting any branch of the bank. If a bank employee refuses to exchange the note, one can file a complaint about it. The value of the note decreases with the condition of the note.
According to RBI, any torn note will be accepted only when a part of it is missing, or which consists of more than two pieces and is pasted together, provided that no essential part of it is missing. If some special parts of the currency note are missing, then the note will not be exchanged. Soiled notes that have become unusable due to circulation in the market for a long time can also be exchanged.
If you have burnt notes or notes stuck together, then they can also be changed from the RBI office. However, the bank will not take them, and you will have to take them to the issue office of RBI. It has to be remembered that these things will be checked to ensure that the damage to the note is genuine and not intentionally done.
The new guidelines by the Reserve Bank of India have made it easier for people to exchange their old or mutilated notes. People can contact their nearest bank branch to exchange their old or mutilated notes. However, it is essential to follow the rules and regulations set by the Reserve Bank of India to exchange the notes.