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Banks which refuse to exchange soiled notes to be fined  Rs 10,000

Banks which refuse to exchange soiled notes to be fined Rs 10,000

Thursday, March 2, 2017, 4:33 PM

Any bank branch that refuses to exchange scribbled currency notes from people, will have to pay a penalty of Rs 10,000. A bank may levy a service charge if a person exchanges more than 20 notes,or notes worth Rs 5,000 a day. The Reserve Bank of India (RBI) has clarified that currency notes with scribbles on them are legal tender.
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