Have 50 paise, Re 1, Rs 2, Rs 5 and Rs 10 coins but shop-keepers, banks not accepting? Then know this
The RBI circular on Facility for Exchange of Notes and Coins advises banks that none of the bank branches should refuse to accept small denomination notes and/or coins tendered at their counters.
In a bid to cast aside people's doubts, the Reserve Bank of India (RBI) has asked the public to continue accepting coins of various denominations pumped into circulation regularly. In its statement on Wednesday, the central bank said that coins have distinctive features which are being introduced from time to time with various themes -- economic, social and cultural, in order to meet the transaction needs of public. Check highlights of what RBI said:
1. According to RBI, "It is reported that there are doubts in some quarters, regarding the genuineness of such coins which has resulted in reluctance on the part of some traders, shop-keepers and members of public to accept coins. This has impeded the free use and circulation of coins in certain pockets of the country."
2. The RBI statement said, "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," asking all banks not to turn away customers who come to exchange coins at their branches.
3. The RBI circular on Facility for Exchange of Notes and Coins advises banks that none of the bank branches should refuse to accept small denomination notes and/or coins tendered at their counters.
4. The RBI notification said that it continues to receive complaints about non-acceptance of coins by bank branches, causing considerable inconvenience to the public at large.
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5. Therefore, the notification asked banks, "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."
6. Currently, coins of 50 paise, Re 1, Rs 2, Rs 5 and Rs 10 denomination of various sizes, theme and design are in circulation.
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