Exchange of soiled notes made easier

Exchange of soiled notes made easier
PTI
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First Published: Tue, Jul 08 2008. 12 58 AM IST
Updated: Tue, Jul 08 2008. 12 58 AM IST
Mumbai: Exchanging soiled and damaged currency notes with fresh ones has been made easier with the Reserve Bank of India (RBI) asking banks to set up facilities in this regard at their branches.
Even the mutilated currency notes, with essential features intact, can be exchanged at designated branches of the banks, RBI said, while issuing a master circular. A master circular is a compilation of the circulars issued by the central bank from time to time.
Issued after six years, the master circular asked banks to provide “customer services more actively and vigorously” by providing facilities for exchange of soiled notes at all branches.
RBI has also asked all the bank branches to accept coins and currency notes for transactions or exchange.
The bank branches will also be required to provide new and good quality notes and coins of all denominations to customers “so that there is no need for them to approach the RBI regional offices”, said the master circular.
RBI said the exchange facility would be available at designated branches of the banks.
RBI has also clarified that currency notes with slogans and messages of political nature written on them by users would cease to be a legal tender and hence could not be exchanged with fresh notes.
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First Published: Tue, Jul 08 2008. 12 58 AM IST