Master Direction – Facility for Exchange of Notes and Coins

Question 1

Coins, in the denominations of ₹1 and ₹2 shall be accepted by……………….

Answer 1

Weighment

Question 2

Small Finance Banks (up to two years from the commencement of their banking business) and Payment Banks may exchange mutilated and defective notes at their…………………..

Answer 2

Option

Question 3

A ‘………………’ means a note which has become dirty due to normal wear and tear and also includes a two piece note pasted together wherein both the pieces presented belong to the same note and form the entire note with no essential feature missing.

Answer 3

soiled note

Question 4

A ………………………. is a note of which a portion is missing or which is composed of more than two pieces. Mutilated notes shall be presented at any of the bank branches. The notes so presented shall be accepted, exchanged and adjudicated in accordance with NRR, 2009 (as amended 2018).

Answer 4

mutilated note

Question 5

……………………..type of notes shall not be accepted by the bank branches for exchange. Instead, the holders shall be advised to tender these notes to the Issue Office of Reserve Bank of India concerned where they will be adjudicated under a Special Procedure.

Answer 5

Notes which have turned extremely brittle or are badly burnt, charred or inseparably stuck up together and, therefore, cannot withstand normal handling.

Question 6

Soiled Notes presented in small number for exchange i.e upto ……… pieces with a maximum value of …………. per day, banks shall exchange them over the counter, free of charge.

Answer 6

20, ₹5,000

Question 7

what is the number Mutilated/ Imperfect notes presented at the counters which can be treated as small number of notes?

Answer 7

5 pieces, more than 5 pieces is considered as notes presented in bulk.

Question 8

What are uncurrent coins?

Answer 8

The coins of 25 paise and below, issued from time to time have ceased to be legal tender with effect from June 30, 2011.