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Banks not accepting or exchanging torn currency notes
- Thread starter m1n8
- Start date
Complaint to RBI
Banks are bound to exchange the damaged notes.
first try approaching the pno of the bank, or the emailid in the highest escalation matrix. they will order the branch to take your request and someone will assist you from the head office.
if the pno rejects your request over email, then you can contact RBI with the email as proof. rbi requires proof of deficient service, which would be difficult if you go directly to them saying that the branch people refused to accept notes.
you can complain to rbi using the banking ombudsman portal.
I exchange quite my torn , mutilated notes often in my nearest IDFC First Bank .
They dont say a word and exchange in a minute .
That's called Ethical Service .
Try with worst bank .
And If they deny make video 😃
& Start the complain spree unless BM tell u to come branch & they will do it 😁
They are not doing you any special favor. All banks are required by RBI to exchange mutilated notes.
When this directive came about first, banks used to display a notice to that effect. Perhaps now they have figured out that most people wouldn't complain if they refuse. But this is a sure fire way to earn RBI's ire if brought to their notice in the required manner.
.
sidp
TF Legend
@doraemon
Depends on what's their condition.
If they are brittle, burnt, then bank will reject. You need to go to issue office.
If they are just torn into multiple piece but then value depends on biggest undivided portion. Check the tables.
Do note that you dont need to have any account with them.
ontherocks
TF Premier
Take your box to any bank branch's teller thats less crowded. They are bound by RBI's policy to exchange them with better notes (not necessarily brand new notes). At most teller will tell to come back another day and collect better notes because they will need time to decide the total value based on the condition of the notes. This is again as per RBI's policy. You can find the RBI circular on this online. May be carry the print out of the circular along with your box to the teller.
doraemon
TF Legend
So I broke my gullak today and got 200 1rs small coins
I visited every shop in my locality no one is taking these coins
That means I can't even buy a center fresh using these coins
But isn't illegal to decline legal tender coins
What can I do ?
Can bank accept these as deposit?
I am sure that they are gonna create scenes
Also I am having
.1₹ note of total 42rs
2₹ note of 80rs
₹5 note of 170rs
And old 5rs coins which also no one is taking in my city of totalling 105rs
Can I deposit all of them in my account without any fuss?
One last question is there any workaround for old 500-1000 notes
I got 500rs notes of totalling 19k and one 1k note
I visited every shop in my locality no one is taking these coins
That means I can't even buy a center fresh using these coins
But isn't illegal to decline legal tender coins
What can I do ?
Can bank accept these as deposit?
I am sure that they are gonna create scenes
Also I am having
.1₹ note of total 42rs
2₹ note of 80rs
₹5 note of 170rs
And old 5rs coins which also no one is taking in my city of totalling 105rs
Can I deposit all of them in my account without any fuss?
One last question is there any workaround for old 500-1000 notes
I got 500rs notes of totalling 19k and one 1k note
Make it souvenir
sidp
TF Legend
Auction them 😁.
They have become paper since modi ji came at 9 pm that day 🙂
There is nothing u can do
When did i say , they are doing something special ?
i said it was an ethical behavior (Ethical means doing the right thing) , which all banks should do but DONT !
You can pass down these old notes to your next gen , it will be worth a fortune then 😉
Whereas . for coins ... deposited them to the bank .
ontherocks
TF Premier
Yes, you can deposit the small denominations in bank.
People outside can deny accepting it. Its illegal, but what can you do? Fight on street or file a case?
If someone denies a slightly torn note, I tell them "if I throw this note here you will be the first one to grab it". Its a practical problem. People don't accept them because they in turn face the same problem of acceptance when giving it to others.
As for the 500 & 1000, you can keep them hidden somewhere and then take them out and take a peek whenever you have to fake crying on some occasion, it will give a natural touch.
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