New Delhi, May 14, 2018 : If you are in possession of soiled or mutilated Rs 200, Rs 2000 notes, there are chances that you will not be able to exchange them over the counter in bank branches, as per media reports.
Media reports say that the reason behind this is the status-quo in Reserve Bank of India (Note Refund) Rules 2009. As per the Note Refund Rules, it is mandatory for the bank branches to accept currency notes in the denomination of Rs 1, 2, 5, 10, 20, 50, 100, 500, 1000.
However, the new Rs 200, Rs 2000 notes have not yet found place in the Note Refund Rules, thereby fueling speculations that you might not be able to change them in-case you have a torn, mutilated or soiled currency notes of the said denomination.
The Note Refund Rules describes a soiled note as one which has become dirty due to usage and also includes a two piece note pasted together wherein both the pieces presented belong to the same note, and form the entire note.
The RBI guidelines prescribes the adjudication of claims in respect of notes of one rupee, two rupee, five rupee, ten rupee and twenty, hundred, five hundred and one thousand rupees denomination as per the square centimetre area (undivided piece) of the note.
The RBI launched bright yellow coloured Rs 200 banknotes last year while the Rs 2000 banknotes were immediately launched after the government demonetised old Rs 500 and Rs 1000 notes in November 2016.
The RBI also introduced a new fluorescent blue Rs 50 banknotes last year.
The Rs 2,000 rupee notes account for about 35 percent of the Rs 18.43 lakh crore currency in circulation in the country. The printing of this high denomination notes has been halted as it had reached its threshold of Rs 6.70 lakh crore in the system. The Rs 18.43 lakh crore currency in circulation compares to nearly Rs 17.97 lakh crore currency in circulation before demonetisation of old 500 and 1000 rupee notes.