If you give dirty or mutilated notes, then the banks will get a strong penalty, know how much penalty will have to be paid


Banks offering dirty and mutilated notes to customers will now have to pay heavy fines. Penalty will have to be paid even if a dirty, mutilated or fake note reaches the currency chest. Banks will have to pay a penalty of 50 to 100 rupees per note in addition to the amount of loss due to mutilated or dirty currency up to Rs 100. Under the Clean Note Policy, the new guidelines of the Reserve Bank of India came into effect from April 1. In the RBI issued Master Circular, it has been clarified that banks can appeal against the penalty within a month but the staff is new, untrained, lack of information, corrective measures have been taken or will be done such as relaxation of penalty on arguments Will not be found. Such appeals will be dismissed.

Pay service if you charge

Guidelines provide instructions not to compromise on services. In case of giving dirty or mutilated notes, the penalty will be recovered immediately. Penalty will also be levied for CCTV malfunction and cash out of the bank strong room at the bank branch. Penalty of Rs 5000 will have to be paid for every irregularity like not using NSM i.e. note sorting machines for sorting the dirty notes. On repeating the mistake, it will be double i.e. 10 thousand.

5 lakh fine on five complaints

The bank, which has five complaints of refusing to exchange dirty or mutilated notes, will have to pay a fine of five lakh rupees immediately. RBI will charge one lakh fine for not depositing or not giving coins. The bank branch which refuses to take notes of 50 rupees or less, is also placed in the same category of fine.


RBI will also reward banks

RBI will also reward banks for improving customer services. Incentives will be given to replace the soiled and mutilated notes as much as possible. For converting notes up to 50 rupees, you will get 2 rupees per packet. Exchange amount of Rs 2 per note will be given for exchange of mutilated notes. You will get 25 rupees for distributing one bag of coins.

Responsibility increased on fake notes as well

Monitoring and responsibility of banks has been increased in the scam of fake currency. Fake note vigilance cell will be created in the head office of banks, which will keep account of each counterfeit note coming from branches. Banks will give information about fake notes to the National Crime Records Bureau as well as the Financial Intelligence Unit ie FIU. Deleting a fake note or returning it to the customer will be considered a serious offense. The role of the staff doing so would be considered suspicious and action would be taken against it.



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