Many times when we transact a large amount of money with someone, some notes are torn and old. These torn old notes do not circulate quickly in the market. Many times the shopkeeper even refuses to exchange these notes. People get very upset due to this. In such a situation, to exchange these torn old notes, one has to go to such places where these notes are exchanged at half the price. In such a situation, people have to face a lot of loss.
At the same time, do you know that you can exchange your torn old notes by going to the bank. The bank cannot refuse to exchange your torn old note. Reserve Bank of India i.e. RBI has also made special rules regarding this. In this episode, let us know about this rule in detail-
If you have torn old notes then you can go to the bank and exchange them. Apart from your nearest bank, you can also go to RBI office to exchange torn and old notes. According to the rules, a person can exchange only 20 notes at a time. At the same time, their price should not exceed Rs 5 thousand. If you exchange more notes than this, the bank will refuse to accept it. ,
Many times damaged or torn old notes come out from the ATM. Even in such situations, people become very worried. If this happens then you will have to go to the bank from whose ATM you have withdrawn money. After this you will have to explain this to the bank in writing. After this you will have to show the ATM slip or bank SMS as proof.
After doing all this, the bank will replace the old or torn notes from the ATM. If the bank refuses to replace your torn or old note, then in such a situation you can lodge a complaint on the RBI helpline.