RBI Rule On 500 Rupee: If you find yourself in a situation where you have two Rs 500 notes with the same serial number, you might wonder what to do. The Reserve Bank of India (RBI) has provided guidance on this matter.
Often, while withdrawing money from ATMs, you may come across old or damaged notes, which can cause worry. However, there’s no need to panic. The RBI has issued guidelines to address this issue and alleviate your concerns.
The Reserve Bank of India is responsible for issuing Rs 100, Rs 200, and Rs 500 notes. However, since the country underwent demonetization, various rumors and fake news about banknotes have circulated. If you need to replace old or damaged notes, the process has become easier now. Simply visit your nearest bank branch, where you can exchange your notes and coins. But what happens if two notes have the same serial number? Are they still considered valid?
In this regard, the RBI clarifies that it is possible for two or more banknotes to have the same serial number. However, they will have different inset letters, printing years, or governors of the Reserve Bank of India. An inset letter is a character printed on the number panel of a banknote. Some notes may also lack an inset letter altogether.
Tips to Identify Counterfeit Notes
The Reserve Bank of India (RBI) has provided guidelines on how to identify genuine Rs 500 notes. There was recently a message circulating claiming that the Rs 500 note with the green strip near Gandhiji’s picture, instead of near the signature of the RBI governor, is fake. However, both types of notes are valid, as clarified by the Press Information Bureau (PIB) in a tweet. The RBI has also shared a PDF to assist the general public in distinguishing between genuine and fake Rs 500 notes.
How to Identify Unfit Notes
- If the notes are excessively soiled or dirty, they are considered unfit.
- Notes that have become loose or torn due to prolonged use are unfit.
- Notes torn from the edge to the center are unfit.
- If the dog ears on a note cover an area larger than 100 square millimeters, it is considered unfit.
- Notes with holes larger than 8 square millimeters are considered unfit.
- Any noticeable alteration or change in the graphics of the note renders it unfit.
- If the ink from a pen smears on the note, it is considered unfit.
- Faded color on the note signifies it as unfit.
- Notes with tape, glue, or similar substances attached are considered unfit.
- Notes that have changed in color are considered unfit.
Understanding the RBI’s Rules
As per the new regulations from the Reserve Bank, there is no need to worry if you possess old or damaged Rs 500 notes. You can exchange such notes by visiting any bank branch. If a bank employee refuses to exchange your note, you can file a complaint. It’s important to note that the worse the condition of the note, the lower its value becomes.
Important Points to Remember
According to the RBI, torn notes will be accepted only if a part of the note is missing, or if it is in more than two pieces and has been properly pasted together, without any essential parts missing. However, if crucial elements such as the issuing authority’s name, guarantee and promise clause, signature, Ashoka Pillar, Mahatma Gandhi’s picture, watermark, etc., are also missing, your note will not be exchanged. Soiled notes that have become unusable due to prolonged circulation in the market can still be exchanged.
Exchange Procedure for Certain Notes
If you have heavily burnt or adhesive-stuck notes, they can be exchanged at the RBI office, but banks will not accept them. You must take such notes to the relevant RBI issue office. It is important to note that the institution will thoroughly examine whether the damage to your note is genuine and not intentionally caused.
