BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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All banks are authorized to accept soiled notes across their counters and pay the exchange vale
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All public senor bank branches and currency chest branches of private sector banks are authorised to adjudicate and pay value in respect of mutilated notes
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The RBI has also authorised all Commercial Bank branches to treat certain notes in ‘two pieces’ as soiled notes and pay exchange value
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All of the above
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Detailed explanation-1: -Soiled notes are those which have become dirty and slightly cut. Notes which have numbers on two ends, i.e. notes in the denomination of Rs. 10 and above which are in two pieces, are also treated as soiled note. The cut in such notes, should, however, not have passed through the number panels.
Detailed explanation-2: -A note which gets dirty over time and is torn is called a soiled note and when the note is split into more than two pieces or is torn is called a mutilated note. Soiled and mutilated notes can be exchanged with new notes by the bank.
Detailed explanation-3: -Mutilated notes can also be sent to any of the RBI offices by registered/insured post. Notes which have become excessively soiled, brittle or are burnt and, therefore, cannot withstand normal handling can be exchanged only at Issue Office of the RBI.
Detailed explanation-4: -(a) In terms of Section 28 read with Section 58 (2) of Reserve Bank of India Act, 1934, no person is entitled as a right to recover from the Government of India or RBI the value of any lost, stolen, mutilated or imperfect currency note of the GOI or banknote.