Facility for Exchange of Notes and Coins
RBI/2017-18/3
DCM(NE)No.G - 1/08.07.18/2017-18
July 03, 2017
The Chairman and Managing Director /
The Managing Director/
The Chief Executive Officer
All Banks
Madam / Dear Sir
Master Circular – Facility for Exchange of Notes and Coins
Please refer to the Master Circular DCM(NE)No. G-1/08.07.18/2016-17 dated July 18, 2016 containing instructions on the facility for exchange of notes and coins. A revised version of Master Circular on the subject is annexed for your information and necessary action. This Master Circular is placed in our website www.rbi.org.in.
Yours faithfully
(P. Vijaya Kumar)
Chief General Manager
Encl. As above
ANNEX
Master Circular – Facility for Exchange of Notes and Coins dated July 03, 2017
1. Facility for exchange of notes and coins at bank branches
(a) 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 for this purpose:
(i) Issuing fresh / good quality notes and coins of all denominations on demand,
(ii) Exchanging soiled / mutilated / defective notes, and
(iii) Accepting coins and notes either for transactions or exchange. In terms of section 6 (1) of The Coinage Act, 2011, the coins issued under the authority of section 4 shall be a legal tender in payment or on account, in case of :-
a coin of any denomination not lower than one rupee, for any sum not exceeding one thousand rupees;
a half-rupee coin, for any sum not exceeding ten rupees:
Provided that the coin has not been defaced and has not lost weight so as to be less than such weight as may be prescribed in its case.
(b) 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.
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