Where are soiled/mutilated banknotes accepted?
All banks are authorised to accept soiled banknotes across their counters and pay the exchange value. They are expected to offer this service even to non-customers. All designated branches of commercial banks are authorised to adjudicate and pay value in respect of mutilated banknotes, in terms of the Reserve Bank of India (Note Refund) Rules, 1975. The RBI has also authorised all commercial bank branches to treat certain banknotes in ‘two pieces’ as soiled banknotes and pay the exchange value. E) Banknotes since Independence.
