RBI notifies Note Refund rule for new series bank notes

• The Reserve Bank of India has made amendment in the Reserve Bank of India (Note Refund) Rules, 2009 and the same may be called the Reserve Bank of India (Note Refund) Amendment Rules, 2018.
• The new Rules covers all the new series bank notes introduced by the RBI. These rules are applicable for refund/exchange of solied and mutilated bank notes.
• The bank notes may be refunded/exchanged as per Section 28 of RBI Act 1934.
• The full Rules can be read here

Points to remember:

1. The notes may be refunded/exchanged as per which section of RBI Act 1934.