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RBI/2016-17/15
DCM (NE) No.120/08.07.18/2016-17
July
14, 2016
Chairman and Managing Director/
Managing Director / Chief Executive Officer
All Banks
Dear Sir / Madam,
Facility for Exchange of Soiled/
Mutilated/ Imperfect Notes
Please refer to Reserve Bank of India (Note Refund) Rules, 2009 (NRR,
2009) and Master Circular DCM (NE)
No.G-2/08.07.18/2015-16 dated July 1, 2015 on the captioned
subject.
2. The facility of exchanging
mutilated/ imperfect notes is available under Note Refund Rules, 2009 at
designated bank branches and the same has been extended to non-chest
branches vide circular DCM (NE)
No.3498/08.07.18/2012-13 dated January 28, 2013. Thus, the facility
is available across the banking system. Similarly, exchange of soiled notes
is available at all the bank branches. On a review, based on feedback, it
has been decided to modify the procedure as follows in order to improve
customer service and enhance customer protection:
3.1 Exchange of soiled notes
3.1.1 Notes presented in small
number: Where the number of notes presented by a person is up to 20 pieces
with a maximum value of Rs.5000 per day, banks should exchange them over
the counter, free of charge.
3.1.2 Notes presented in bulk:
Where the number of notes presented by a person exceeds 20 pieces or
Rs.5000 in value per day, banks may accept them, against receipt, for value
to be credited later. Banks may levy service charges as permitted in Master
Circular on Customer Service in Banks (DBR.No.Leg.BC.21/09.07.006/
2015-16 dated July 1, 2015). In case tendered value is above
Rs.50000, banks are expected to take the usual precautions.
3.2 Exchange of mutilated and
imperfect notes
3.2.1 While designated branches
may continue to follow the procedure as laid down in Part III of NRR, 2009
(rbi.org.in ?Publications?Occassional)
for exchanging mutilated and imperfect notes and issue receipt for the
notes presented for adjudication, non-chest branches are required to follow
the following procedure for notes presented in small numbers and in bulk.
3.2.2 Notes presented in small
number: Where the number of notes presented by a person is up to 5 pieces
per day, non-chest branches should normally adjudicate the notes as per the
procedure laid down in Part III of NRR, 2009 and pay the exchange value
over the counter. If the non-chest branches are not able to adjudicate the
mutilated notes, the notes may be received against a receipt and sent to
the linked currency chest branch for adjudication. The probable date of
payment should be informed to the tenderers on the receipt itself and the
same should not exceed 30 days. Bank account details should be obtained
from the tenderers for crediting the exchange value by electronic means.
3.2.3 Notes presented in bulk:
Where the number of notes presented by a person is more than 5 pieces not
exceeding Rs.5000 in value, the tenderer should be advised to send such
notes to nearby currency chest branch by insured post giving his / her bank
account details (a/c no, branch name, IFSC, etc) or get them exchanged
thereat in person. All other persons tendering mutilated notes whose value
exceeds Rs.5000 should be advised to approach nearby currency chest branch.
Currency chest branches receiving mutilated notes through insured post
should credit the exchange value to the account of sender by electronic
means within 30 days of receipt of notes.
4. Tenderers aggrieved with the
service provided by the banks in this regard may approach Banking Ombudsman
concerned, following the procedure as laid under Banking Ombudsman Scheme,
2006 with the bank /postal receipts as proof for necessary action.
Yours faithfully
(P Vijaya Kumar)
Chief General Manager
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