Know The Rules Of RBI Before Holi, Big Update Regarding Colorful Notes

OM Prakash
2 Min Read

Please don’t feel bad; it’s Holi. The markets are full of colourful gulal and pichkaris, and people shop everywhere. While playing Holi, people often do not care about the money in their pockets. In such a situation, while playing with colours, the notes kept in the pocket become colourful. After this, people refuse to accept such notes. If this happens to you, too, then definitely know the rules of the Reserve Bank of India.

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What To Do If Colored Notes Do Not Work?

When someone is going out of the office or for some important work, a child or an elder puts colours on it. Due to this, along with the clothes, the notes kept in the pocket also become coloured. When the person gives these notes to the shopkeeper, he refuses. However, when you tell them the rules of the Reserve Bank of India, they cannot refuse to take them. RBI rules say that no shopkeeper can refuse to accept coloured notes.

What To Do If Notes Get Wet Due To Water?

During Holi, if notes get torn due to falling water, it becomes a matter of concern. According to the Reserve Bank of India rules, folded and old notes can be exchanged in all the banks across the country. No fee has to be paid for this.

How Much Do You Get Back If You Give Torn Notes?

Let us tell you that if any torn note is exchanged in the bank, you get the money back, depending on the condition of that note. If we understand by example, if a 200 rupee note is torn and 78 square centimetres (cm) of it is still left, then the bank will give the entire amount, but if only 39 square centimetres (cm) of the note is left, then only half the money will be given.

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By OM Prakash Journalist and Developer
OM Prakash is responsible for maintaining and improving News Waker's website. He ensures the site is user-friendly, accessible, and up-to-date with the latest web technologies.