• Mar
  • 06
  • 2013

All Bank branches to provide Facility for Exchange of cut/mutilated Notes & Coins

RBI/2012-13/428
DCM (NE) No. 3498 /08.07.18/2012-13

January 28, 2013

The Chairman and Managing Director / The Chief Executive Officer
All Banks (including Co-operative banks and RRBs)

Madam / Dear Sir

Facility for Exchange of Notes and Coins

Please refer to paras 130 and 131 of the Monetary Policy Statement 2012-13 of Reserve Bank of India announced on April 17, 2012 (copy enclosed).

2. Consequently, the scope of the guidelines contained in para 1 (a) of our Master Circular DCM (NE) No.G-1/08.07.18/2012-13 dated July 2, 2012 on “Facility for Exchange of Notes and Coins” have been enlarged as under:

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). In case a branch, for any reason, is not able to immediately adjudicate the cut/mutilated notes across the counter, it may accept and send such notes to the currency chest to which it is linked, for adjudication and in any case ensure that the tenderer receives the exchange value as per the RBI Note (Refund) Rules, 2009, within a reasonable time, say a fortnight. This above facility should be provided to all members of public without discrimination on all working days.

3. The other instructions contained in the above circular remain unchanged.

4. The above guidelines come into force with immediate effect.

Yours faithfully,

(B. P. Vijayendra)
Chief General Manager

Encls: As above

Sandeep Kanoi

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