Exchange Old With New: RBI On Exchange Of Money

You can now exchange your old, or defective currency for the new Mahatma Gandhi series.

Based on the condition of the currency, you can only exchange them in the RBI’s designated offices and branches across the country.

The RBI had released a statement on the matter: “The Reserve Bank of India has made amendments to the Reserve Bank of India (Note Refund) Rules, 2009 to enable the public to exchange mutilated notes in Mahatma Gandhi (New) series at bank branches and RBI offices, which are smaller in size compared to the earlier series.”

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“We further inform that there is a change in the minimum area of the single largest undivided piece of the note required for payment of full value for notes of rupees fifty and above denominations, which is detailed in the amendments.” the RBI further said.

These rules come into immediate effect.