Nation Current Affairs 26 Sep 2017 Adjudication policy ...

Adjudication policy yet to be announced by RBI

DECCAN CHRONICLE.
Published Sep 26, 2017, 1:33 am IST
Updated Sep 26, 2017, 1:33 am IST
A manager with a bank in Amberpet said many customers were approaching the bank with torn Rs 2,000 and Rs 500 notes.
Reserve Bank of India
 Reserve Bank of India

Hyderabad: Though 10 months have passed since the introduction of the Rs 2,000 and Rs 500 denomination notes, the RBI is yet to announce its adjudication policy on damaged notes.

A manager with a bank in Amberpet said many customers were approaching the bank with torn Rs 2,000 and Rs 500 notes. “As there is no provision for exchanging of such notes, we are helpless. Customers should wait till the RBI issues a policy,” the manager said.

 

Ms Anjamma, a flower vendor at Amberpet Ayyappa temple, said, “When I visited my bank to exchange two torn notes of Rs 500 and Rs 2,000, the bank refused. The bank had no problems with torn notes of other denominations.” 

The adjudication policy of 2009 and revised circulars issued in 2013 guide the exchange of torn notes of Rs 1, Rs 2, Rs 5, Rs 10, Rs 20, Rs 50 and Rs 100 denominations.

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Location: India, Telangana, Hyderabad




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