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Want to exchange torn currency notes? Check out the process, rules of RBI

There are a lot of times when torn or badly kept notes either come out of the ATM or are received by you during a transaction. Do you wonder what you could do if you come across a torn note? Today, we will take you through the guidelines established by the Reserve Bank of India (RBI) regarding torn currency notes. In addition to this, we will also help you understand what you can do to get these notes exchanged. 
What is RBI’s rule?
According to the RBI rules, one can easily get old notes exchanged by going to the bank. The rule states that the banks cannot refuse to accept such notes the only condition being that they should not be fake. If any bank refuses to take the currency notes, then you can register a complaint with the RBI, after which action can be taken against that bank.
Torn currency notes can be changed in any bank 
The Reserve Bank of India rule also states that if the currency notes are torn into several pieces, they can be used and even if any part of the torn note is missing, it can be replaced. Normal mutilated notes can be exchanged at any of the bank branch counters or any RBI office. For this process, one need not fill any form.
If the currency notes are torn a little, without much damage, then you get full money in exchange for them, whereas if the note is completely destroyed then you will get back only a percentage of the value of the note.
According to the rules of the Reserve Bank of India, there is no provision to give half the amount in notes ranging from Re 1 to Rs 20, therefore, the value of these notes is paid in full. 
When can you NOT exchange a currency note?
According to the RBI rules, notes cannot be exchanged in case of badly burnt, crumpled pieces. Such notes can be deposited in the issuing office of RBI only. With such notes, you can pay your bills or taxes in the bank itself.

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