All Coins Are Acceptable, Says Reserve Bank Of India

The Logical Indian Crew India

June 27th, 2019 / 5:25 PM

Image Credits: News18, Pixabay

On June 26, the Reserve Bank Of India, putting all doubts aside, asked the public and the banks to accept coins put into circulation by the regulatory body. With increasing doubts about the genuineness of coins, shopkeepers, traders and the general public are reluctant in accepting it. This has impeded free use and circulation of coins in certain parts of the country.

In its press release, RBI said, “Coins have specific features, economic, social and cultural, depending upon the needs of the public. As coins remain in circulation for a long period, coins of different shapes, sizes and designs circulate at the same time.”



“The Reserve Bank appeals to members of the public not to give credence to such rumours and continue to accept these coins as legal tender in all their transactions without any hesitation,” said the RBI.

At present, there are coins of various denominations pumped into circulation. Coins of 50 paise, Rs 1, Rs 2, Rs 5 and Rs 10 are available in different shapes and sizes. 

The RBI has also ordered the banks not to deny any customer’s request of exchanging coins at their branches. The RBI notification on Facility for Exchange of Notes and Coins suggests banks that the bank branches should refuse to accept small denomination notes or coins tendered at their offices. 

The RBI continues to get complaints about the reluctance to accept coins by banks’ branches, causing inconvenience to the public at large.

“You are, therefore, once again advised to immediately direct all your branches to accept coins of all denominations tendered at their counters for transactions or exchange and ensure strict compliance in the matter,” the RBI advised all banks through the notification. 


Also Read: RBI Deputy Governor Viral Acharya Resigns Six Months Before His Term Ends: RBI Confirms

 


Contributors

Written by : Navya Singh

Edited by : Bharat Nayak

Related Stories

First In India: Andhra Pradesh To Reserve 75% Private Jobs For Locals

Karnataka: Miscreants Might Be Deliberately Reigniting Fire In Bandipur Tiger Reserve, Says Official

Elephants India-Bangladesh Border

Elephants In A Reserve Forest Along India-Bangladesh Border Struggle For Survival

Elevated corridor Bandipur

Karnataka: Relieving Activists, Centre Says No Elevated Corridors In Bandipur Tiger Reserve

Sariska Tiger Reserve NGT

Rajasthan: NGT Restricts Mining Activities Within 10 Km Of Sariska Tiger Reserve

Another Case Of Bank Fraud: Chennai Based Jeweller Cheats Bank Of Rs. 824 Crore

Latest on The Logical Indian

News

To Revive India’s Economy, Finance Minister Announces Cheaper Loan, Relief For Investors

News

MCI Issues Notice To Uttar Pradesh University Over Ragging, Threatens To Restrict Admissions For One Year

My Social Responsibility

This WhatsApp Group Has Resolved 500+ Civic Issues Across Bengaluru – From Bumpy Roads To Faulty Drainage

News

Hyderabad: Ebiz Director, Son Who Lured Students For Profitable Business Arrested In 5000 Crore Fraud

Awareness

Earth’s Lungs Are Burning: Amazon Rainforest Which Contributes 20% Of Planet’s Oxygen Is On Fire

News

Southern Railways Receives Rs 50 Crore To Clear Dues, To Continue Housekeeping Services

x

Stories that deserve attention, delivered to your inbox!

Handpicked, newsworthy stories which deserve the attention of a rational generation.