RBI issues new rules about Rs.200 and Rs.2000 Notes by RBI. These rules are to resolve the issues which people are facing due to mutilated notes. After demonetization, people faced severe issues who had mutilated notes with them. Because banks are refusing to exchange the mutilated notes, stating that RBI did not give permission to do so. Hence, to bring clarity and relief about the issue, RBI releases new rules about Rs.200 and Rs.2000 Notes.
New Rules about Rs.200 and Rs.2000 Notes by RBI – All You Need to Know:
- The exchanging of Rs.200 and Rs.2000 notes fall under Section 28 of the RBI Act. Before this rule, there was no specific rule for the exchange of the new denominations. And, that’s the reason the banks could not lawfully change the notes.
- Prior to this rule, notes with even minor deformities could not be exchanged. So, RBI requested to the Finance Ministry to update the rules for the new currencies. As a result, the Finance Ministry gave due clearance with the new guidelines. Now, you can exchange mutilated notes in Mahatma Gandhi (New) series.
- For exchanging mutilated notes, you will have to pay some charges depending on the mutilated area of the notes.
Exchange Rate of Mutilated Rs.200 and Rs.2000 Notes:
- If a Rs.200 note has a minimum 78 sq cm area undamaged out of 96.36 sq cm area, you will get a refund of full value.
- And, the minimum unmutilated area to get a refund of half the value of the note is 39 sq cm.
- For a Rs.2000 note, to get a full refund, the minimum undamaged area is 88 sq cm out of 109.56 sq cm.
- If a Rs.2000 note has a minimum 44 sq cm area undamaged, you will get a refund of half the value of the note.
The criteria to get a refund specifies that the dimensions are “the undivided area of the single largest piece of the note.” If the notes are damaged more than the specified area, you might end up getting half the value or even less in a refund.
You can refer the official website of RBI for the New Rules about Rs.200 and Rs.2000 Notes by RBI.