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Do Banks Take Torn Notes

They are responsible for placing money in circulation and have the responsibility to take the damaged banknotes out. The majority of money, 85%, that gets deposited with the FRS is seen as fit for circulation. The defective 15% is weeded out with the help of specialized machines or. Mopai referred to the South African Reserve Bank Act 90 of 1989, section 14 (4) that states “The Bank shall not be obliged to make any payment in respect of a. Torn currency notes can be changed in any bank The Reserve Bank of India rule also states that if the currency notes are torn into several pieces, they can be used and even if any part of the torn note is missing, it can be replaced.

Normal mutilated notes can be exchanged at any of the bank branch counters or any RBI office.


Do Banks Take Torn Notes - Rowan Casino

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