All Coins Are Acceptable, Says Reserve Bank Of India
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.