According to new RBI guidelines, there is something you need to know while exchanging torn notes. You should handle your notes with care as RBI has amended its currency exchange norms.
Post demonetization, RBI has issued notes of Rs 2000 and Rs 200 along with new smaller notes of Rs 10,20,50, 100 and Rs 500. Since the exchange rules of these notes were not included, RBI has amended its guidelines to include them in the new rules.
New Rules for the exchange of Rs 2000 and Rs 500 notes are as follows:
The Single largest piece of a torn Rs. 2,000 note must have a minimum undivided area of 88% of the note’s original area. Then only one can get full refund.
If the notes are divided by 44% area, then you will receive the payment of half value.
For Rs 500 note, the single largest piece area required for getting the full value and half value refund should be 80% and 40%, respectively.
Rules for the exchange of Rs 200 and Rs 50 notes
For Rs 200 and Rs 50 note, the single largest piece of note should have undivided are of 72% to get the full refund and 36% for getting half value refund.
Rules for exchanging of Rs 100 notes
For Rs. 100 new note, the single largest piece area required for full value and half value refund should be 75% and 38%, respectively.
For Rs. 100 old note, the single largest value should be 92% for full refund and 46% for half refund.