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After the Notes Refund Policy was implemented in 2009, it became mandatory for all the banks to accept the currency notes in the denomination of Rs.1, Rs. 2, Rs. 5, Rs. 10, Rs. 20, Rs. 50, Rs. 100, Rs. 500, and Rs. 1000. But the same isn’t possible with the new currency because even after the demonetization of Rs.500 and Rs.1000 notes on 8 Nov 2016, there were no changes made in the Note Refund Policy. Without the change in the policy, it has started creating a problem for the common man living in India.
The new notes such as Rs.200 notes or Rs.2000 notes haven’t found their place in the Note Refund Policy and hence this problem is raising speculations around the population in India that they might not be able to change torn, mutilated and soiled currency notes of Rs.200 and Rs.2000. The torn and soiled currency notes as described by the rule of Note Refund Policy are the ones dirty due to usage or the note pasted together to form the entire currency note.
The Reserve Bank Of India officially commented on the topic and said that after the demonetization, the size of the Mahatma Gandhi (New) Series notes has changed. The imperfect or the torn notes can’t be changed under the existing rules of the Note Refund Rules,2009. The mutilated notes in the MG (New) series will be exchanged after the notification of amendments in the official gazette.
After the Notes Refund Policy was implemented in 2009, it became mandatory for all the banks to accept the currency notes in the denomination of Rs.1, Rs. 2, Rs. 5, Rs. 10, Rs. 20, Rs. 50, Rs. 100, Rs. 500, and Rs. 1000. But the same isn’t possible with the new currency because even after the demonetization of Rs.500 and Rs.1000 notes on 8 Nov 2016, there were no changes made in the Note Refund Policy. Without the change in the policy, it has started creating a problem for the common man living in India.
The new notes such as Rs.200 notes or Rs.2000 notes haven’t found their place in the Note Refund Policy and hence this problem is raising speculations around the population in India that they might not be able to change torn, mutilated and soiled currency notes of Rs.200 and Rs.2000. The torn and soiled currency notes as described by the rule of Note Refund Policy are the ones dirty due to usage or the note pasted together to form the entire currency note.
The Reserve Bank Of India officially commented on the topic and said that after the demonetization, the size of the Mahatma Gandhi (New) Series notes has changed. The imperfect or the torn notes can’t be changed under the existing rules of the Note Refund Rules,2009. The mutilated notes in the MG (New) series will be exchanged after the notification of amendments in the official gazette.
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