The Reserve Bank of India (RBI) has announced that torn banknotes can now be exchanged at any bank. The Reserve Bank has also sent a circular to all banks asking them to exchange new banknotes for the public in lieu of torn ones. Thus it is no longer considered necessary for anyone to hide the torn money and give it to anyone.
The report advised that the public should be given new banknotes in return for torn banknotes and retail coins should be issued to the public without saying no. This eliminates the need to reluctantly beg bank officials to exchange torn banknotes. The Reserve Bank of India (RBI) has introduced this new measure following complaints that billions of rupees are being wasted across the country.
Prior to this, torn banknotes could only be exchanged at the Reserve Bank in the state capitals. Thus only those who could live in Chennai benefited greatly. Most people are not aware that such a facility exists in rural areas. The public has welcomed the announcement by the Reserve Bank that the torn money can now be transferred to any bank.
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