GK
BANKING AWARENESS AND SEBI
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which among the following statements is correct about soiled/mutilated note?
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Banks are expected to offer this service even to non-customers
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All banks are authorized to accept soiled notes across their countries and pay exchange value
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The RBI has also authorized 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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Explanation:
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: -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 a soiled notes. The cut in such notes, should, however, not have passed through the number panels.
There is 1 question to complete.