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LATEST NEWS UPDATES | Returning torn Rs 200, Rs 2,000 notes may get only half their value! Here's what new RBI rules say

Returning torn Rs 200, Rs 2,000 notes may get only half their value! Here's what new RBI rules say

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published Published on Sep 10, 2018   modified Modified on Sep 10, 2018
-BusinessToday.in

The earlier rules for exchanging damaged currency notes did not apply to Rs 200 and Rs 2,000, and the notes released under the Mahatma Gandhi series due to their smaller sizes.

While exchanging a damaged Rs 2,000 or Rs 200 note, you may get nothing or only half their value in refund depending on how badly the note is mutilated or soiled. The Reserve Bank of India has amended its guidelines on exchange of mutilated or torn currency notes which explain how much refund they will be eligible for depending on their state. The new rules will govern the terms of exchange for damaged Rs 200 and Rs 2,000 notes, as well as the Rs 10, Rs 20, Rs 50 and Rs 100 notes released under the new Mahatma Gandhi series.

The earlier rules for exchanging damaged currency notes did not apply to Rs 200 and Rs 2,000, and the notes released under the Mahatma Gandhi series due to their smaller sizes. This lack of regulations made people hesitant to accept new high denomination notes with even minor deformities, which led to accumulation of such notes. To counter this problem, the RBI has come out with refreshed rules to include the new notes launched post-demonetisation.

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BusinessToday.in, 8 September, 2018, https://www.businesstoday.in/current/policy/returning-torn-rs-200-rs-2000-notes-may-get-only-half-their-value-new-rbi-rules-say/story/282163.html


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