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Anamikha
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Asked: 2024-07-20T12:27:32+05:30 In:

How much penalty will be imposed on banks if they refuse to exchange soiled or scribed currency notes from people, according to Reserve Bank of India (RBI)?

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How much penalty will be imposed on banks if they refuse to exchange soiled or scribed currency notes from people, according to Reserve Bank of India (RBI)?

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  1. Anamikha
    Knowledge Contributor

    According to Reserve Bank of India (RBI) circular, any bank branch that refuses to exchange soiled or scribed currency notes from any member of the public will have to pay penalty of Rs. 10,000. Though, a bank may levy a service charge if a person exchanges more than 20 notes, or notes worth Rs.5, 000 per day. The RBI also clarified that such notes continue to be legal tender.

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