You might find fake or old notes while withdrawing money from ATM. In such cases, people get worried. However, there's no need to panic. Just follow the RBI guidelines and your problem will get solved.
The notes issued by RBI after demonetisation, many types of viral and fake news about the notes keep coming. If you want to replace the old notes, you can do easily by contacting your nearest branch.
The notes with similar serial number will be considered. However, they'll either have different inset letters or different printing years or different governors of RBI. An inset letter is character printed on the number panel of a banknote. Notes can be without any inset letter.
How to identify unfit bank notes?
- Due to log use of notes, they become loose
- Notes which have holes larger than 8 square mm
- Any graphic change
- Ink of the pen is appeared on the note
- If the notes have become very dirty and there is a lot of soil in them
- If the color of the note fade away
- If things like tape, glue is applied on the note
As per new rules, if you have old or mutilated notes of 500 rupees, then you don't need to worry at all. Now, you can exchange currency by just visiting any branch of the bank. If any bank employee refuses to do so, then you can also file a complaint about it.
Always keep in mind that the value of a note is based upon the condition.
Also, according to RBI, the note will be accepted only when a part of it is missing. In some special cases of currency notes, such as the name of issuing authority, signature, guarantee, and promise clause, etc. are also missing, then note will not get exchanged. Soiled notes which are unusable due to circulation in the market for a very long time.