You may have noticed that sometimes you receive torn notes from somewhere or they become damaged due to some reason. In such cases, any shopkeeper refuses to accept them. But there's no need to panic, because according to Reserve Bank of India rules, if your notes become torn or damaged, there's no need to worry. You can easily exchange them at the bank.

What you need to do
You can go to any government bank branch and exchange your damaged notes. The important thing is that you don't need to have an account with that bank. You just need to know what types of notes can be exchanged and the process to follow.

Which notes can be exchanged?

If your note is in two or more pieces, but its essential parts are present, then it can be exchanged.
Also, old mutilated or faded notes are also accepted by the bank. But keep in mind that the note number, Mahatma Gandhi's photo, watermark and the part containing the Governor's signature should be safe.

What is the process of exchanging notes?

You can exchange your notes at any government-owned bank.
For smaller notes, there's no need to fill out a form; you can exchange them directly at the counter.
If your notes are severely torn, the bank may issue a receipt and transfer the money to your account later.

How much money will you get back?
If more than 80 percent of your note is genuine, you'll get the full value.
If 40 percent to 80 percent is genuine, you'll get half the value.

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