GK
BANKING AWARENESS AND SEBI
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Issue Office of RBI
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Commercial bank branches
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Commercial bank headquarters
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None of the above
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Detailed explanation-1: -Soiled, mutilated or imperfect currency notes are not useless. Such notes can be exchanged by any bank branch or Reserve Bank of India (RBI) issue office on the condition that they are not fake. Importantly, notes on which religious or political slogans are written cease to be legal tender and are not exchangeable.
Detailed explanation-2: -As per RBI (Note Refund) Rules, 2009, which was amended in 2018, no bank can decline to exchange the damaged, mutilated, taped or torn banknotes. So any damaged genuine currency note, be it soiled, mutilated or imperfect can be exchanged by any bank branch or RBI issue office.
Detailed explanation-3: -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.