Nagpur: Ram Makde, who takes up translation jobs for a living, rushed to the Nagpur RBI office last week to get two torn 500 notes, exchanged. However, Makde had to return disappointed, because current rules do not allow for exchange of torn or soiled currency notes of the latest design.
The notes were torn by his daughter, who is mentally challenged. Earned through an assignment taken up some days ago, it was a big amount for Makde. "The money was kept aside to buy her regular dose of medicines," he says.
However, the new currency introduced after the note ban will be just a piece of paper if torn or mutilated. It may be too early for the notes to get soiled from use. However, if the currency is torn or mutilated due to any reason, it cannot be exchanged at the RBI or any other bank, unlike other notes.
Exchange of damaged currency is covered under Note Refund Rules 2009. An amendment to the rules to include the new currency is yet to be approved by the parliament.
New notes of 500 and 2,000 were introduced after demonetization, followed by those of 50 and 200 denomination a few months ago.
It's been a year since note ban and the amendment awaits approval from the parliament. The draft has been sent by the RBI. The bank's union — All India RBI Employees Association (AIRBEA) — has raised the issue with management, but has got no response so far. Even TOI's email seeking RBI's views on the issue went unanswered.
"Like Makde, many others go back from the RBI office each day," say sources. The stock answer they get is: there are no orders so far to exchange damaged notes. The officials ask them to wait till the new rules are notified. The RBI office here covers entire Maharashtra except Mumbai and Pune regions.
"The note refund rules are not part of any act of the Parliament, yet it has to be approved in the house. For some reason, rules for every new type of note have to be specifically approved by the Parliament. The same exchange rules can be applicable if the series of notes are changed but not if a new note altogether is introduced," said a senior banker part of the process.
"The draft has been sent to the parliament for approval. It's just a matter of formality, but for reasons not known, the approval has not been secured yet. Those having the notes should keep it as the rules are expected to be cleared in a due course," said the banker.
The AIRBEA had written to the management in August that a large amount of misprinted notes of Rs2,000 and Rs500 denominations have reached the public. The new notes are also prone to mutilation due to which a number of persons are reaching RBI offices. The notes cannot be exchanged as the rules have not been amended. "There was no answer from the management," said Bidyut Chakraborty the vice-president of AIRBEA.
Meanwhile, a harried Makde jotted down at letter to be sent to the RBI's regional director here. He will have to wait till the rules get the parliament's nod.
The notes were torn by his daughter, who is mentally challenged. Earned through an assignment taken up some days ago, it was a big amount for Makde. "The money was kept aside to buy her regular dose of medicines," he says.
However, the new currency introduced after the note ban will be just a piece of paper if torn or mutilated. It may be too early for the notes to get soiled from use. However, if the currency is torn or mutilated due to any reason, it cannot be exchanged at the RBI or any other bank, unlike other notes.
Exchange of damaged currency is covered under Note Refund Rules 2009. An amendment to the rules to include the new currency is yet to be approved by the parliament.
New notes of 500 and 2,000 were introduced after demonetization, followed by those of 50 and 200 denomination a few months ago.
It's been a year since note ban and the amendment awaits approval from the parliament. The draft has been sent by the RBI. The bank's union — All India RBI Employees Association (AIRBEA) — has raised the issue with management, but has got no response so far. Even TOI's email seeking RBI's views on the issue went unanswered.
"Like Makde, many others go back from the RBI office each day," say sources. The stock answer they get is: there are no orders so far to exchange damaged notes. The officials ask them to wait till the new rules are notified. The RBI office here covers entire Maharashtra except Mumbai and Pune regions.
"The note refund rules are not part of any act of the Parliament, yet it has to be approved in the house. For some reason, rules for every new type of note have to be specifically approved by the Parliament. The same exchange rules can be applicable if the series of notes are changed but not if a new note altogether is introduced," said a senior banker part of the process.
"The draft has been sent to the parliament for approval. It's just a matter of formality, but for reasons not known, the approval has not been secured yet. Those having the notes should keep it as the rules are expected to be cleared in a due course," said the banker.
The AIRBEA had written to the management in August that a large amount of misprinted notes of Rs2,000 and Rs500 denominations have reached the public. The new notes are also prone to mutilation due to which a number of persons are reaching RBI offices. The notes cannot be exchanged as the rules have not been amended. "There was no answer from the management," said Bidyut Chakraborty the vice-president of AIRBEA.
Meanwhile, a harried Makde jotted down at letter to be sent to the RBI's regional director here. He will have to wait till the rules get the parliament's nod.
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