Legal Document View

Unlock Advanced Research with PRISMAI

Integrated with over 4 crore judgments and laws — designed for legal practitioners, researchers, students and institutions

- Know your Kanoon - Doc Gen Hub - Counter Argument - Case Predict AI - Talk with IK Doc - ...
Upgrade to Premium
[Cites 0, Cited by 0] [Section 8] [Entire Act]

Union of India - Subsection

Section 8(2) in Reserve Bank of India (Note Refund) Rules, 2009

(2)The payment of claim in respect of note of rupees fifty and above denominations shall be made in the following manner, namely-,
(i)Full value of the mutilated notes of the above denominations shall be payable if the area of the single largest undivided piece of the note presented is more than [80] [Substituted '65' by Notification No. RBI/DCM (NE) No. 631/08.01.01/2018-19, dated 5.9.2018.] percent of the area of the respective denomination rounded off to the next complete square centimeter;
(ii)if the undivided area of the single largest undivided piece of the note presented is equal to or more than 40 percent and less than or equal to [80] [Substituted '65' by Notification No. RBI/DCM (NE) No. 631/08.01.01/2018-19, dated 5.9.2018.] percent of the area of the respective denomination rounded off to the next complete square centimeter, half the value of the note is payable.
(iii)If the area of the single largest undivided piece of the note is less than 40 percent, no value shall be payable, and the claim shall be rejected.
(iv)[ if the claim of mutilated notes of rupees fifty and above denominations consist of a note composed of two pieces of the same note and the two pieces, individually have an area equal to or more than 40 percent of the total area of the note in that denomination, then the claim may be refunded for full value of the note.] [Substituted by Notification No. RBI/DCM (NE) No. 631/08.01.01/2018-19, dated 5.9.2018.]
[Explanation. - For the purposes of this sub-rule, it is hereby clarified that the value of a mutilated note of equal to or more than rupees fifty denomination may be refunded in full or half, as the case may be, if the minimum undivided area of the single largest piece of the note is as specified in column (5) or (6) of the Table 2 below.] [Substituted by Notification No. RBI/DCM (NE) No. 631/08.01.01/2018-19, dated 5.9.2018.]
Denomination Length (cm) Width (cm) Area (in cm2) Minimum area (in cm2) required for payment offull value@ Minimum area (in cm2) required for payment ofhalf value**
(1) (2) (3) (4) (5) (6)
50 14.7 7.3 107.31 86 43
50 (New MG Series) 13.5 6.6 89.10 72 36
100 15.7 7.3 114.61 92 46
100 (New MG Series) 14.2 6.6 93.72 75 38
200 14.6 6.6 96.36 78 39
500 15.0 6.6 99.00 80 40
2000 16.6 6.6 109.56 88 44
@ Rounded off to the next complete higher squarecentimetre of 80% of the area of the notes in a particulardenomination.
** Rounded off to the next complete highersquare centimetre of 40% of the area of the notes in a particulardenomination.