In a major decision by the central banker, exchange of mutilated currency notes have been allowed following introduction of Rs 2,000, Rs 200 and other lower denomination currencies.
It need be mentioned that many of these new notes were introduced post demonetisation in November 2016.
The RBI had even come out with smaller notes of Rs 10, Rs 20, Rs 50, Rs 100 and Rs 500.
The RBI stated that masses may exchange mutilated or defective notes at RBI offices and designated bank branches across the country for either full or half value depending upon the condition of the currency.
This was made possible by making amendments to the Reserve Bank of India (Note Refund) Rules, 2009.
These rules have come into force with immediate effect.>