Do You’ve Rs. 200 & Rs. 2000 Note? This Big Decision By RBI May Affect You
If you are not worried that you have mutilated note of Rs. 200 or
Rs.2000 then this recent media report is definitely for you. The Indian
banks according
to the Note Refund Policy are supposed to take the old mutilated notes
back but now the banks are refusing to accept the torn new Indian
currency as the
rules governing their exchange are yet to be amended. This is another
very shocking news as per Indian Citizen perspective after the sudden
demonetization
back in 2006.
After the Notes Refund Policy was implemented in 2009, it became
mandatory for all the banks to accept the currency notes in the
denomination of Rs.1,
Rs. 2, Rs. 5, Rs. 10, Rs. 20, Rs. 50, Rs. 100, Rs. 500, and Rs. 1000.
But the same isn’t possible with the new currency because even after the
demonetization
of Rs.500 and Rs.1000 notes on 8 Nov 2016, there were no changes made in
the Note Refund Policy. Without the change in the policy, it has started
creating
a problem for the common man living in India.
The new notes such as Rs.200 notes or Rs.2000 notes haven’t found their
place in the Note Refund Policy and hence this problem is raising
speculations
around the population in India that they might not be able to change
torn, mutilated and soiled currency notes of Rs.200 and Rs.2000. The
torn and soiled
currency notes as described by the rule of Note Refund Policy are the
ones dirty due to usage or the note pasted together to form the entire
currency note.
The Reserve Bank Of India officially commented on the topic and said
that after the demonetization, the size of the Mahatma Gandhi (New)
Series notes has
changed. The imperfect or the torn notes can’t be changed under the
existing rules of the Note Refund Rules,2009. The mutilated notes in the
MG (New) series
will be exchanged after the notification of amendments in the official
gazette.
(This link open in new tab) Image Source
The Exchange of mutilated and soiled currency notes is handled by the
Reserve Bank Of India (RBI) and the Note Refund Policy is the part of
Section 28.
There are around 6.70 lakh crore Rs.2000 notes in circulation in the
country and even though they have stopped printing new notes. Many banks
have mentioned
the case of the mutilated notes and it can become a major issue if the
law isn’t amended soon.
It is very unclear why the central government is taking so much time to
bring out the changes in Note Refund Policy. The Reserve Bank Of India
hasn’t specified
a timeframe but they have promised that necessary action will be taken
to solve this problem.
http://www.samadhaannow.com/do-youve-rs-200-rs-2000-note-this-big-decision-by-rbi-may-affect-you/?utm_source=Internal_Mailers&utm_medium=Refund_Policy
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