Master Circular on Facility for Exchange of Notes and Coins issued by RBI

Jul 05, 2019 | by Avantis RegTech Legal Research Team

Industry Specific Compliance

The Reserve Bank of India (RBI) on July 01, 2019, has issued a Master Circular on the facility for exchange of notes and coins.

Facility for exchange of notes and coins at bank branches:

• All branches of banks in all parts of the country are mandated to provide the following customer services, more actively and vigorously to the members of public so that there is no need for them to approach the RBI Regional Offices:

1. Issuing fresh and good quality notes and coins of all denominations on demand,

2. Exchanging soiled or mutilated or defective notes

3. Accepting coins and notes either for transactions or exchange.

• All branches should provide the above facilities to members of public without any discrimination on all working days. The scheme of providing exchange facility by a few select currency chest branches on one of the Sundays in a month will remain unchanged. The names and addresses of such bank branches should be available with the respective banks.

• The availability of the above-mentioned facilities at the bank branches should be given wide publicity for information of the public at large.

• None of the bank branches should refuse to accept small denomination notes and coins tendered at their counters.

[Notification No. DCM (NE) No. G-2/08.07.18/2019-20]


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