The RBI has directed all banks to facilitate exchange of cut or mutilated bank notes with clean notes at all their branches.
"The facility of exchange of cut/mutilated banknotes, in addition to soiled notes and issue of good quality clean banknotes/coins, should be made available at all bank branches including those of co-operative banks and RRBs," RBI said in a notification. Moreover, the central bank has asked banks to provide this facility to all member of the public without discrimination on all working days.
However, if a bank branch is not able to immediately adjudicate cut or mutilated notes across the counter, it may accept and send such notes to the currency chest to which is it linked, and ensure that the tenderer receives the exchange value within a reasonable time.
This is a good move by the RBI as there a numerous such Indian currency notes which are with the general public, and cannot be used. Now with the conversion of the same, it could help many to obtain value of such respective denomination notes.
"The facility of exchange of cut/mutilated banknotes, in addition to soiled notes and issue of good quality clean banknotes/coins, should be made available at all bank branches including those of co-operative banks and RRBs," RBI said in a notification. Moreover, the central bank has asked banks to provide this facility to all member of the public without discrimination on all working days.
However, if a bank branch is not able to immediately adjudicate cut or mutilated notes across the counter, it may accept and send such notes to the currency chest to which is it linked, and ensure that the tenderer receives the exchange value within a reasonable time.
This is a good move by the RBI as there a numerous such Indian currency notes which are with the general public, and cannot be used. Now with the conversion of the same, it could help many to obtain value of such respective denomination notes.
No comments:
Post a Comment