During Holi, the markets are filled with colorful gulal and pichkaris, and everyone is engaged in shopping. Often, while enjoying the festivities, individuals neglect the money in their pockets. Consequently, as people play with colors, the notes stored in their pockets become stained. Subsequently, individuals are hesitant to accept such discolored notes. In such instances, it’s crucial to be aware of the Reserve Bank of India’s (RBI) regulations.
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When someone is leaving the office or heading out for important tasks, a child or an elder may apply colors, causing both the clothes and the notes in the pocket to become colored. When these notes are presented to shopkeepers, they may refuse to accept them. However, citing the rules of the Reserve Bank of India, individuals should know that no shopkeeper can deny taking colored notes. Additionally, during Holi, if notes tear due to water splashes, it raises concerns. The Reserve Bank of India’s regulations allow the exchange of folded and old notes at any bank in the country without being charged a fee.
Let us clarify that when exchanging a torn note at the bank, the amount refunded depends on the condition of the note. For example, if a 200 rupee note tears and 78 square centimeters (cm) of it remains intact, the bank will refund the full amount. However, if only 39 square centimeters (cm) of the note is left, only half the money will be refunded.
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