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RBI/2018-19/46
DCM (NE) No.657/08.07.18/2018-19
September
7, 2018
The Chairman and Managing
Director /
The Managing Director/
The Chief Executive Officer
All Banks
Madam / Dear Sir,
Amendments to Reserve Bank of
India (Note Refund) Rules, 2009
Please refer to the Reserve Bank of India (Note Refund) Rules, 2009 wherein
all branches of banks have been delegated powers for exchange of mutilated
/ defective notes.
2. Reserve Bank of India 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. The Reserve Bank of India (Note Refund) Amendment
Rules, 2018 have since been notified in the Gazette of India on September
6, 2018 (enclosed). These rules
have come into force with immediate effect.
3. 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.
Yours faithfully,
(Manas Ranjan Mohanty)
Chief General Manager
Encl. As above
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