Published On : Thu, Nov 13th, 2014

RBI officer refuses to exchange soiled notes, shows a customer the door “threateningly”

dfgNagpur: Dumping the Reserve Bank of India’s (RBI) directives to dustbins, an officer of the Bank in Nagpur not only refused to exchange soiled notes but told the customer to throw them in gutters as the Bank has stopped the exercise. Moreover, on being questioned, the RBI officer ordered a security guard to show doors to the man who had come to exchange his soiled notes, rather threateningly.

The man who took the brunt of the irresponsible behaviour of the RBI officer is a Kamptee resident Abdul Gaffoor Pasha. Pasha told Nagpur Today that till to date the Nagpur RBI easily exchanged the dirty, cut and mutilated notes after completing the required formalities. The Bank does not charge and the customers were paid full value of the exchanged soiled notes. This facility provided a great relief to the customers who were holding the dirty, cut and mutilated notes.

However, when Pasha went to the Nagpur RBI for exchanging his soiled notes, the concerned officer flatly refused to do the same saying the RBI has stopped the practice. The officer even told Pasha to throw the soiled notes to gutter when he requested to guide him where should he go for the exchange. Taken aback by the rude reply of the officer, Pasha immediately demanded copy of the RBI circular upon which the officer told Pasha to submit a written application for the same. Ultimately, Pasha had to return empty handed and with the same soiled notes he had hoped to exchange with crisp currency.

The media is abuzz with warnings about the Nagpur RBI not accepting soiled or scribbled currency notes. The odd behaviour of concerned officials is forcing the customers run from pillar to post for exchanging their soiled notes. And, now-a-days, the markets are overflowing with the dirty, cut and mutilated notes, courtesy the RBI officials.

RBI guidelines:

According to RBI guidelines, customers can exchange soiled notes at bank branches for their full value, while mutilated notes can be exchanged for half the price. Soiled notes are those which have become dirty and slightly cut. All these notes can be exchanged at the counters of any public sector bank branch, any currency chest branch of a private sector bank or any Issue Office of the Reserve Bank of India. There is no need to fill any form for doing this. Notes which are in pieces and/or of which the essential portions are missing can also be exchanged. Refund value of these notes is, however, paid as per RBI Rules. These can also be exchanged at the counters of any public sector bank branch, any currency chest branch of a private sector bank or any Issue Office of the RBI without filling any form.

Excessively soiled, brittle, burnt notes:

Notes which have become excessively soiled, brittle or are burnt and, therefore, cannot withstand normal handling can be exchanged only at Issue Office of the RBI. Persons holding such notes may approach the Officer-in-charge of the Claims Section, Issue Department of the Reserve Bank for this purpose.