General Knowledge · Banking Regulations
A bank's currency chest custodian identifies a bundle of notes with structural damage (specifically notes in two pieces that clearly belong to the same note and have visible essential features). According to the updated RBI Note Refund Rules, how should the bank classify these notes?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1These notes are classified as re-issuable notes because the two pieces are from the same note and can be returned to general circulation after being taped.
- 2These notes are to be treated as imperfect notes because they are formed by joining two pieces, and therefore no value can be paid.
- 3These notes must be categorized as mutilated notes and should be adjudicated based on the area of the largest single piece as per the RBI Note Refund Rules.✓
- 4These notes should be classified as soiled notes and can be exchanged at the bank counter for full value.
Correct answer
These notes must be categorized as mutilated notes and should be adjudicated based on the area of the largest single piece as per the RBI Note Refund Rules.
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