RBI has asked banks to exchange up to 20 soiled currency notes with a maximum value of Rs 5000 over the counter free of charge. But, if the number of notes to be exchanged is more than 20, banks can levy service charge. The facility of exchanging mutilated or imperfect notes is available at designated bank branches and also non-chest branches. RBI said in a release if the number of notes presented by a person is up to 20 pieces with a maximum value of Rs 5000 per day, banks should exchange them over the counter, free of charge. In case notes are presented in bulk (where the number exceeds 20 pieces or Rs 5000 in value per day), banks will accept them, against receipt, for value to be credited later. In case of bulk exchange, banks can levy service charges. If the tendered value is above Rs 50,000, banks are expected to take the usual precautions, RBI said. Where the number of notes presented by a person is up to 5 pieces per day, non-chest branches should normally adjudicate the notes as per the procedure and pay the exchange value over the counter.
