Exchange cut, soiled banknotes

The Reserve Bank today directed all banks to facilitate exchange of cut or mutilated bank notes with clean notes at all their branches. "The facility of exchange of cut/mutilated banknotes, in addition to soiled notes and issue of good quality clean banknotes/coins, should be made available at all bank branches including those of co-operative banks and RRBs," RBI said in a notification. However, if a bank branch is not able to immediately adjudicate cut or mutilated notes across the counter, it may accept and send such notes to the currency chest to which is it linked, and ensure that the tenderer receives the exchange value within a reasonable time. This facility should be provided to all members of public without discrimination on all working days, RBI said.