How much penalty will be imposed on banks, if they refuse to exchange soiled or scribed currency notes from people, according to Reserve Bank of India (RBI)?
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Banks will be penalized with a penalty of Rs.10,000/- if they refuse to exchange soiled or scribbled currency notes for violation of agreement or deficiency of service. Rs.5 Lakhs of penalty will be levied in case if there are 5 instances of violation of agreement by the branch. Penalty will be levied immediately.
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hello!
An amount of Rs 10000 would be imposed on banks if they fqil to exchange soiled or scribed currency notes from people. However the bank may ask for service tax if the person asks for exchanging more than 20 notes or notes amounting to Rs 5000 a day.
An amount of Rs 10000 would be imposed on banks if they fqil to exchange soiled or scribed currency notes from people. However the bank may ask for service tax if the person asks for exchanging more than 20 notes or notes amounting to Rs 5000 a day.
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