Do you know banks can't refuse to take notes that are written, painted or faded in washing? On the other hand, a bank officer or employee who refuses to take such notes, citing the Reserve Bank of India will now have to accept them at all costs. If banks do not do so, RBI will take action against him. In fact, on 31st December 2013, the Reserve Bank issued a notification under its Clean Note Policy and urged the common people not to write anything on the note. Since then, many banks have stopped taking notes that have something written on them, painted or washed with clothes or for some reason the original colour of the note has faded.
After all this, after the demonetization in November 2016, there were various instructions on social media, and then many people carrying faded notes were returned by the banks. The list contained new Rs 500 and Rs 2000 notes, especially. The complaints of the people for non-withdrawal of these notes reached RBI and RBI general manager GC Talukdar issued a letter to the control chiefs and all the banks under their jurisdiction, explaining that "such notes have to be accepted and are not considered in circulation again. Further, Talukdar has directed customers not to refuse to accept such notes and warned of penal action against those concerned, taking serious note of failure to comply with the directive.''
Which notes will not be exchanged- RBI says your note can definitely be replaced if it is not fake. While old, torn and notes can be easily exchanged, the burnt or very bad lying note will not be replaced.
How to Change Notes? - These notes can be exchanged by going to the bank. In fact, as per the reserve bank of India (RBI), every bank has to accept old, torn or twisted notes unless they are fake. This allows you to easily change notes by visiting the bank branch near you and no fee is charged for the same. At the same time, it is not necessary to have a customer of that bank.