How To Get Damaged Currency Replaced

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As currency is used and passed along, it sometimes becomes damaged. That damage can range from simple tears and wrinkles on paper currency, to more severe damage like burn marks, water damage, or chemical contamination. Sometimes currency is damaged by rodents, insects, or natural deterioration from burying money within the ground.

Damaged notes a business

There are now agents who get your notes exchanged for a commission.

A group of such agents make a living out of this business near the RBI on Secretariat Road.

“For exchange of Rs 1,000, we take a commission of Rs 50 to Rs 100 counting on the condition of the currency note. People approach us to save lots of time at banks,” said Rajaiah, an agent.

These agents also give denominations for an enormous currency like Rs 500 and Rs 2,000. People can get the currency of Rs 10, Rs 20 and Rs 50 in bulk through the exchange by paying commission. Vendors, auto drivers and people running commercial establishments usually take denominations in 10s and 50s to make sure enough change with them.

Currency notes you’ll exchange

According to RBI guidelines, three broad categories of currency notes are eligible for exchange or refund. the primary category is imperfect notes, including any bank note that has skilled the wash or exchanged numerous hands that the print has become indecipherable.

The second is mutilated notes, which refers to currency notes that have fallen apart or are torn up, or people who are put together using torn pieces.

The third category is mismatched notes. within the unusual circumstance that you simply receive a note which is formed from two mismatched pieces stuck together, you’ll still catch on exchanged.

How much is that the refund?

Does this mean you’ll get a refund of the complete value of the notes you switch in? That’s not true altogether the cases.

In case of mutilated notes, you’ll get a full refund as long as the world of the only largest undivided piece of the currency note is bigger than 80% of the entire area of an undamaged note. If the most important piece is larger than 40% of the world , but but 80%, you’ll only receive half the worth of the note. If the most important piece is smaller than 40% of the world , you won’t get a refund in the least .

The rules are slightly different for mismatched notes where pieces of two different notes are stuck together. In such cases, the worth of the larger piece are going to be taken into consideration. For mismatched notes of ₹ 50 or more, the 2 pieces could also be treated as two separate notes, and therefore the refund you receive will depend upon the measurements of the individual pieces.

Learning if Your Money Qualifies for Replacement

Assess the damage. If your money has suffered minor damage but remains legible and usable, you ought to use that currency as is. If it’s damaged but not mutilated and you are doing not want to use that currency for any reason, you’ll exchange that cash at your local bank.

Money that has been mutilated or extensively damaged beyond repair or use should be submitted to the US Bureau of Engraving and Printing or the United States Mint .
don’t falsify your claim or intentionally damage currency. Both are federal crimes that are taken very seriously by the U.S. government

Packaging Damaged Currency

Try to preserve the cash . albeit the cash has been damaged, it’s going to become even more damaged by improper handling. How you handle the cash as you prepare to pack and ship it’s going to help preserve it, ensuring that you simply get the equivalent amount of cash back.

If the currency was rolled up when it had been mutilated, don’t plan to straighten it out. If it had been flat, don’t plan to roll, fold, tape, or glue it.
Altering the cash in any way could further damage the currency, but can also count as altering/defacing money, which is against the law.

Submitting Your Currency and Receiving Payment

Deliver currency face to face . If you reside in or near Washington, D.C., you’ll deliver the damaged currency face to face to the Bureau of Engraving and Printing. The Bureau accepts personal deliveries of damaged or mutilated currency between the hours of 8:00 am and 11:30 am, and between 12:30 pm and 2:00 pm.

Mail your currency

If you are doing not sleep in Washington, D.C., or are otherwise incapable of personally delivering damaged currency, you’ll send the currency by mail through the US mail . Send all damaged currency through registered post , with return receipt requested. you’ll also wish to get insurance on the package to make sure that your losses are covered if the package becomes lost or damaged.

Damaged paper money should be addressed to the US Bureau of Engraving & Printing, MCD/OFM Room 344A, P.O. Box 37048 – Washington, DC 20013.
Mutilated coins are often sent for evaluation to the U.S. Mint. Packages containing mutilated coins should be addressed to the Superintendent of the U.S. Mint, Attn.: Mutilated Coins, P.O. Box 400 – Philadelphia, PA 19105.

How To Get Damaged Currency Replaced

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