If you have soiled or mutilated Rs 200, Rs 2000 notes, there are probable chances that you will not be able to exchange them in bank branches.

As per media reports, the reason behind this is the status-quo in Reserve Bank of India (Note Refund) Rules 2009. According to the Note Refund Rules, it is mandatory for bank branches to accept currency notes in the denomination of Rs 1, 2, 5, 10, 20, 50, 100,  500,  1000.

Though the new Rs 200, Rs 2000 notes have not yet found a place in the Note Refund Rules, thereby making strong speculations that you might not be able to change them in-case you have a torn, mutilated or soiled currency notes of the said denomination.

What are Soiled Note?

The Note Refund Rules describes a soiled note as one which has become dirty due to usage and also includes a two-piece note pasted together wherein both the pieces presented belong to the same note and form the entire note.

What are Mutilated Notes?

The RBI guidelines prescribe the adjudication of claims in respect of notes of one rupee, two rupees, five rupees, ten rupee and twenty, hundred, five hundred and one thousand rupees denomination as per the square centimetre area (undivided piece) of the note.

Recently the government of India introduced the notes in the denomination of 2000, 200 and 50. 2000 being coloured in pink, 200 in orange while 50 in blue.

So make sure that you check out the notes before you exchange them.

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