RBI tweaks rules for note change: Here is how you can exchange torn post-demonetizatation notes

The RBI on Friday issued amendments to existing rules for exchange of mutilated notes following the introduction of Rs 2,000, Rs200 and other lower denomination currencies. 

RBI has made amendments to the Reserve Bank of India (Note Refund) Rules, 2009 to enable the public to exchange mutilated notes in Mahatma Gandhi (New) series at bank branches and RBI offices, which are smaller in size compared to the earlier series. 

(Photo: PTI)

While there were clear rules to replace notes worth Rs 5, 10, 20, 50, 100 and 500, people were unsure how to exchange old Rs 200 and Rs 2000 notes. 

"We further inform that there is a change in the minimum area of the single largest undivided piece of the note required for payment of full value for notes of rupees fifty and above denominations, which is detailed in the amendments," the RBI said. 

(Photo: PTI)

For full refund of a damaged Rs 2000 note, the undivided areas of the single largest piece should be at least 88 square cm for full refund and 44 square cm for half refund. The 2000 note is currently 109.56 square cm.

For damaged Rs 200 note, the criteria is 80 sq cm for a full refund and 40sq cm for a half refund.

(Photo: PTI)

The value of a mutilated note of less than Rs 50 denomination may be refunded in full if the undivided area of the single largest piece of the note is as specified in the given table. 

(Photo: RBI)

The value of a mutilated note of equal to or more than Rs 50 denomination may be refunded in full or half, as the case may be, if the minimum undivided area of the single largest piece of the note is as specified in the given table. 

(Photo: RBI)

The RBI issued new banknotes in the Rs 100 denomination in July this year. The new denomination has the motif ‘Rani ka Vav’ on the reverse to pay obeisance to the country’s cultural heritage. The base colour of the note is lavender.

(Photo: RBI)