RBI tweaks norms for defective note change

The Reserve Bank of India (RBI) has amended norms for exchange of mutilated, old or defective currency notes which were introduced as a part of the Mahatma Gandhi New Series.

The public can exchange mutilated or defective notes at RBI designated offices branches across the country, depending upon the condition of the currency.

Issuing a statement, the Central Bank said, "The 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."

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, which is detailed in the amendments." the RBI further said.