Exchange/Refund of mutilated notes. RBI (Note Refund) Amendment Rules, 2018

Exchange/Refund of mutilated notes. RBI (Note Refund) Amendment Rules, 2018

RESERVE BANK OF INDIA
NOTIFICATION

Mumbai, the 5th September, 2018

RBI/DCM (NE) No. 631/08.01.01/2018-19.—In exercise of the powers conferred by the proviso to section 28 read with sub-section (1) and clause (q) of sub-section (2) of section 58 of the Reserve Bank of India Act, 1934 (2 of 1934), the Central Board of the Reserve Bank of India with the previous sanction of the Central Government hereby makes the following rules to amend the Reserve Bank of India (Note Refund) Rules, 2009, namely:—

1. Short title and commencements:-

(1) These rules may be called the Reserve Bank of India (Note Refund) Amendment Rules, 2018.

(2) They shall come into force on the date of their publication in the Official Gazette.

2. In the Reserve Bank of India (Note Refund) Rules, 2009, in rule 8, –

(a) in sub-rule (1),

(i) for the words “one rupee, two rupee, five rupee, ten rupee and twenty”, the words “less than fifty rupees”, shall be substituted;

(ii) for the “Explanation” and “Table 1”, the following shall be substituted, namely: –

“Explanation : For the purposes of this sub-rule, it is hereby clarified that the value of a mutilated note of less than rupees fifty denomination may be refunded in full if the undivided area of the single largest piece of the note is as specified in column (5) of the Table 1 below.

(b) in sub-rule (2), –

(i) in clause (i), for the figures “65”, the figures “80” shall be substituted;

(ii) in clause (ii), for the figures “65”, the figures “80” shall be substituted;

(iii) for clause (iv), the following clause shall be substituted: –

“if the claim of mutilated notes of rupees fifty and above denominations consist of a note composed of two pieces of the same note and the two pieces, individually have an area equal to or more than 40 percent of the total area of the note in that denomination, then the claim may be refunded for full value of the note.”;

(iv) for the “Explanation” and “Table-2”, the following shall be substituted namely: –

“Explanation : For the purposes of this sub-rule, it is hereby clarified that the value of a mutilated note of equal to or more than rupees fifty denomination may be refunded in full or half, as the case may be, if the minimum undivided area of the single largest piece of the note is as specified in column (5) or (6) of the Table 2 below.

B. P. KANUNGO, Dy. Governor
[ADVT.-III/4/Exty./216/18]

Note : The principal rules were published in the Gazette of India, Extraordinary, Part III, Section 4 vide notification number 125 dated the 17th July, 2009.