RBI notifies amended note refund rules

The Central Board of the Reserve Bank of India (RBI) with the previous sanction of the Centre has notified the amendments to the Reserve Bank of India (Note Refund) Rules, 2009, on September 5.

Samir Ghosh, General Secretary of All India Reserve Bank Employees Association, has requested the RBI to advise the Department of Currency Management to instruct all its offices and designated branches of banks for quick adjudication and payment of mutilated notes lying with the public, who also may be notified.

According to the amendments notified, the value of a mutilated note of less than Rs 50 (Rupees fifty) denomination may be refunded in full if the undivided area of the single largest piece of the note is as specified in column (5) of table 1 below.

Translate »