Rs 2,000 problem: Govt set to notify new rules for exchanging torn notes

Banks claim RBI hasn't told them whether to exchange new denomination notes which are torn and mutilated

While the problem of banks handing out torn and mutilated currency to depositors has hogged the limelight off late, the bank customers' woes may be far from over. Many banks are refusing to exchange old and torn notes of the Rs 2,000 denomination with many saying that the Reserve Bank of India (RBI) does not have any rules in place that require banks to exchange torn Rs 2,000 notes carried by a depositor. Bank officials manning cash counters are turning away customers saying that they should "hold on to their torn Rs 2,000 notes till RBI comes out with a