Note doctors of Imphal- fix your torn/damaged currency notes

On the streets of Imphal, Manipur’s capital, I found these men displaying torn currency notes.
They don’t speak proper Hindi and I can’t speak the local language, but between our broken conversation, I could understand the following
- If you have damaged or torn currency notes, these men will fix it.
- The fee is 50%. If you need a 100 Rs note to be fixed, you’ve to pay them Rs 50
- It was not clear if they will accept torn 100 Rs note and give a good condition Rs 50 note or you’ve to pay Rs 50 cash separately, to get your torn 100Rs note fixed and returned to you. Life is simpler if it is the former case, else you still have to do a transaction with that fixed currency note- someone can always refuse to take it.

Select nationalized banks like SBI are supposed to accept damaged currency notes and send them to RBI. But the process is probably too complex for common man who prefer a quicker solution like going to note doctors. Also non availability of a simplified process means many individuals try to pass off the damaged notes to someone else during a transaction, which they find it more convenient.
Spotted at least 5-6 of them between the bazaar and Kangra fort. I am sure they must be making good business- which other business you know gives 50% margins?

Related: Forex options: ATM withdrawal vs card vs other options * 7 ways you will be tricked to lose money in Bali * Concerns with Ola Money

4 comments:

  1. This fixing is illegal and against the rules of RBI ,it is a criminal offence if caught trying to fix your notes ore receiving and circulating such fixed notes.There is a set procedure to exchange soiled notes.As educated people we should try to avoid things which are against the rule of law.

    ReplyDelete
    Replies
    1. Noted. Hope people of Manipur get educated and banks provide a more easier way to exchange damaged notes so that people don't have to go to these people and lose 50%

      Delete

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