🔥 Fire Texts (Headlines):
- Now, Be Alert!
- RBI Issues New Guidelines
- ₹500 Notes Will No Longer Be Accepted
- Have Bundles of ₹500 Notes? Know the New Rule
Do you have ₹500 notes with you? If yes, then be informed that these may no longer be accepted in transactions. Rush to your nearest bank to exchange them. Why? Because the Reserve Bank of India (RBI) has introduced a new rule.
The RBI, which regulates currency-related policies in India, decides how much money will be printed and which denominations will remain valid or be withdrawn. This time, it has made a significant decision regarding the ₹500 notes — a decision that every citizen should be aware of.
If you are keeping bundles of ₹500 notes, especially old or damaged ones, you must know the new guidelines. According to the RBI, old, torn, or scribbled notes will no longer be considered fit for circulation. These notes are classified as “unfit” and must not be used in the market.
However, don’t worry — you can still exchange these notes at any nearby bank branch. And if a bank refuses to accept your unfit notes, you can even file a complaint against them.
Now you may wonder — how to identify whether a note is “bad” or “unfit”?
Here’s how:
- If a note is torn from the middle or beginning, it’s considered unfit.
- If the note is excessively dirty or has mud stains, it’s also unfit.
- Prolonged use can wear out the notes, making them unfit for further use.
- Notes with pen or pencil markings on them are also considered unfit.
- If the color of the note has faded significantly, it will also be termed unfit.
Such unfit notes are not valid in the market. But, the good news is that you can still go to the bank and get fresh notes in exchange. The RBI has made provisions for this in their latest guidelines.
Sometimes, even ATMs dispense damaged or unfit notes. If that happens, you can visit your bank and have them replaced. RBI has empowered the public to exchange notes in denominations of ₹100, ₹200, ₹500, and ₹2000.
So, if you have any unfit ₹500 notes with you, RBI has advised that you exchange them at the nearest bank as soon as possible.
