Mumbai, Sep 8: Your Rs 2000 and Rs 200 notes will fetch you zero value in certain cases specified by RBI. Under certain circumstances, if you take your Rs 2000 and Rs 200 note to a bank, you may not get anything in return. We will now give you all details.
The RBI on Friday tweaked norms for exchange of mutilated currency notes following introduction of Rs 2,000, Rs 200 and other lower denomination currencies. Post demonetisation in November 2016, the Reserve Bank has introduced Rs 200 and Rs 2,000 notes. Besides, it came out with smaller notes of Rs 10, Rs 20, Rs 50, Rs 100 and Rs 500.
Public can exchange banks mutilated or defective notes at RBI offices and designated bank branches across the country for either full or half value, depending upon the condition of the currency.
While making amendments to the Reserve Bank of India (Note Refund) Rules, 2009, the central bank said it has been done to enable the public to exchange mutilated notes in Mahatma Gandhi (New) series, which are smaller in size compared to the earlier series.These rules have come into force with immediate effect.
"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...," the RBI said.
Under the new rule, for full refund the single largest piece of a damaged/ torn Rs 2,000 note must have a minimum undivided area of 88%, and 44% for half the value. In case of Rs 200 note, the undamaged area dimesnions are 78% for full return and 35% for half the value.
For a torn/damaged Rs 100 note, for full refund the undamaged area must be 75 per cent and 38% for half the value. In case of Rs 50, for full refund, the single largest piece has to be 72%, and 36% for half the value.
If the damaged area is beyond the standards set by RBI, then you may not get anything in return.
News24 Bureau/ PTI