Section 15 in Reserve Bank of India (Note Refund) Rules, 2009
15. Procedure when payee is untraced.
(1)In case of the note having been adjudicated at the office of the Bank, the value or part of the value of a note is payable to the claimant and if such claimant, is not found or is dead, his legal representatives or the nominee specified by him cannot be found or fails within a period of three months from the date of communication to him the decision to take steps to receive payment, the amount payable shall be paid to the Banking Department of the Bank(2)In case of the mutilated note having been adjudicated at the branch of designated bank or other entities, such payment may be credited with the Issue Office of the Bank after a period of three months from the date of communication to the tenderer of the decision to take steps to receive the exchange value.
