We have been hearing a lot about misprint/torn bills/mutilated rupee notes coming out from the ATM machines. This Saturday a ruptured 2000 rupee note was received from an ICICI ATM in Transport Nagar.
Saturday afternoon Dinesh Chandra Rao of Transport Nagar went to ICICI ATM in Sundervas area to withdraw 10000 rupees. Out of the money bills that he got from the ATM, a 2000 rupee turned out to be torn.
Since Rao has an account in IndusInd Bank, he went to have it exchanged where he was denied on grounds of the transaction not belonging to their bank. Even ICICI refused to change the torn bill.
As per RBI guidelines, if the note number is intact, you have a right to get a fresh note. If any part of the note number is missing, as per RBI:
- If it is 5, 10 or 20 rupee note, you get a full exchange.
- If the note is of 50 rupees or more, you need to present more than 65% of the note for a full exchange. If it is 45% to 65%, then you get half of the compensation of the note value.