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Do You’ve Rs. 200 & Rs. 2000 Note? This Big Decision By RBI May Affect You

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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.

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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.

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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.

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