Mangaluru: Time to ‘Exchange Notes’: Surrender Worn-out Currency for New from Feb 9

Mangaluru: It is common to come across grumpy and cross expressions when old, worn-out currency notes are presented at shop counters, stalls and grocery stores.


Notes with scribblings or those treated with ‘plastic surgery’ like sellotape patches are being turned away during day-to-day transactions. This might have caused many people to hold a small stock of such notes stacked away in the corners of drawers or wardrobes at home.

If any of them are found damaged beyond limits, even banks are likely to refuse to exchange them across the counter. On the other hand, they have to be deposited in the bank by the account-holder on a collection basis. They would be sent to the nearest RBI chest and the proceeds credited to the the depositor’s account after deduction of handling charges.

It often happens that if a 20-rupee note is submitted for collection, the handling charges may come to about Rs 15. It is for this reason that most worn-out notes of smaller denominations end up in cupboards or in between old documents.

Now the time for redemption has arrived. The Karnataka Vikas Grameena Bank will be operating special counters at various centres for three days from Tuesday, Feb 9.

Days: From Feb 9 to Feb 11
Timing: from 10 am to 4 pm
Venue: Karnataka Vikas Grameena Bank
Location: Kudmul Ranga Rao Road between PVS circle and Bunts’ Hostel

Faded, worn-out and broken notes will be accepted. The serial numbers being inact should be ensured.

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