BENGALURU: Even as confusion over
exchange of mutilated Rs 500 and Rs 2,000 notes persists, people thronged the
Reserve Bank of India office here on Wednesday to get refund for their damaged notes, only to be sent back.
While many of them were asked to approach their bank branches, a few were told they couldn't get new notes in exchange of mutilated ones as they were damaged with multiple cuts.
"With clear rules yet to be framed, RBI has informally asked banks to exchange Rs 500 and Rs 2,000 notes at branches if there is a single cut. If the notes are mutilated with multiple cuts, they cannot be exchanged," said a senior RBI official.
"In any case, the notes are not exchanged at the RBI office," he added.
Exchange of damaged currency notes is covered under the Note
Refund Rules 2009 and the Centre was supposed to amend the rules to include the newly introduced Rs 500, Rs 2,000, Rs 50 and Rs 200 notes.
RBI officials said there was no clear mention of the newly introduced notes in the circular, and that was the cause of confusion.
"The note refund rules are not part of any act of law, yet it has to be approved by
Parliament. We heard the rule is being amended and it is expected to be notified any moment," said the RBI official. "Till then, we advise people to handle new notes with care."
As banks were told to be helpful to their customers, almost all branches are taking the damaged notes and refunding the value. "Banks are accepting notes if the serial number on them is intact irrespective of a single cut or multiple ones," said
Karnataka BankCEO Mahabaleswar M S.
