Mutilated and Soiled Currency Notes:Paradoxes and Propositions

Anusha Srinivasan Iyer

Assistant Professor

Department of Commerce

CHRIST (Deemed to be University) Bangalore, India

 

Executive Summary

 

With the Reserve Bank of India changing its currency note policy from time to time and with general wear and tear of notes arising due to mishandling, citizens very often find themselves desperate to get rid of soiled and defective notes even when they have to suffer a monetary loss. The paper is a sincere attempt to find the deviation between the procedure laid down by RBI with regard to note refund rules and the actual practice followed by banks. A detailed description of the note refund policy along with its interpretation has been presented. Face to face interviews were conducted with bank managers to understand the processes they follow. The study unravels the fine differences in the rules laid down by RBI and the actual practice followed by Banks.

 

 

Year of Publication: December 2014

ISBN:  978-93-82305-65-1   

Working paper: Vol 18 (2014-15)

Pages    v, 33

Price: available on request

Funded by Centre for Research-Projects-CHRIST (Deemed to be University),