Damage Note Exchange: Often, when we conduct a significant transaction with someone, we receive some worn-out old currency notes as part of it. These tattered old bills do not circulate swiftly in the market. The shopkeeper frequently declines to exchange these notes.
As a result, individuals become quite frustrated. In such circumstances, to swap these worn old notes, one must visit locations where these notes are traded for half their value. In this scenario, individuals must confront a significant amount of loss. Did you know that you can visit the bank to exchange your damaged old notes?
The bank is not allowed to deny exchanging your damaged old notes. In this regard, the Reserve Bank of India, known as RBI, has established a specific regulation. If you possess damaged old notes, you can have them replaced by visiting the bank. In addition to your closest bank, you can also exchange worn and damaged notes by visiting the RBI office. As per the regulations, an individual may swap only 20 bills at once. Their worth must not exceed 5 thousand rupees. If you swap more bills than this, the bank will decline to take it.
In case a damage note come out from an ATM machine
Many times, damaged or torn old notes come out from the ATM. In such a situation, people get very upset. If this happens, you will have to go to the bank from whose ATM you have withdrawn money. After this, you will have to explain this to the bank in writing. After this, you have to show the ATM slip or bank SMS as proof.
The bank will exchange the damaged or old bill withdrawn from the ATM. If the bank declines to exchange your damaged or aged note, you can file a complaint through the RBI helpline.