ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Railways
  • World
    • Economy
    • Politics
    • Markets
  • Survey
  • videos
  • photos
  • More ...
    • VIDEOS
    • PHOTOS
BREAKING NEWS
  • IRDAI sets a target of 5 years for life insurance companies for greater penetration; proposes state-level committee
  • Dalal Street Corner: Bank, FMCG stocks help Nifty clear crucial hurdle of 15,800; what should investors do on Tuesday?
  • Despite windfall tax, brokerages remain bullish on oil & gas stocks; see up to 70% upside on ONGC, Oil India
  • Rupee settles flat at 78.94 against US dollar
  • Akasa Air showcases crew uniform; conducts proving flight test
Read in App
Business News » India News

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.

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Have 50 paise, Re 1, Rs 2, Rs 5 and Rs 10 coins but shop-keepers, banks not accepting? Then know this
Currently, coins of 50 paise, Re 1, Rs 2, Rs 5 and Rs 10 denomination of various sizes, theme and design are in circulation. Representational Image, source: Reuters

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.

देखिए #MarketMaangeMore में मार्केट एक्सपर्ट संजीव भसीन की बजट विश लिस्ट।@sanjivBhasin @AnilSinghviZEE #BudgetWithZee #TaxGhataoFMZee @FinMinIndia @nsitharaman pic.twitter.com/XBauXWIweh

— Zee Business (@ZeeBusiness) June 27, 2019

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.

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Reserve Bank of Indianew coins
Written By: ZeeBiz WebTeam
Updated: Thu, Jun 27, 2019
11:05 am
New Delhi, ZeeBiz WebDesk
RELATED NEWS
RBI imposes penalty on Kotak Mahindra Bank, IndusInd Bank RBI imposes penalty on Kotak Mahindra Bank, IndusInd Bank
Big tech firms offering financial services pose risk to financial stability: RBI Big tech firms offering financial services pose risk to financial stability: RBI
Fintech's halt PPI loan, buy now pay later services as RBI restrictions posing challenges Fintech's halt PPI loan, buy now pay later services as RBI restrictions posing challenges
RBI extends implementation of card tokenisation norms by 3 months; deadline extended till 30 September RBI extends implementation of card tokenisation norms by 3 months; deadline extended till 30 September
RBI stops non-bank PPI issuers from loading wallets, cards via credit lines RBI stops non-bank PPI issuers from loading wallets, cards via credit lines

LATEST NEWS

Stocks to buy: Sanjiv Bhasin picks SBI, IDFC First Bank, Eicher Motors for gains today; check why

Will recession hit Indian shores in six months? Zee Business Managing Editor Anil Singhvi decodes

Tata Motors aims to sell 50,000 EVs in this fiscal year

Stocks to buy today: List of 20 stocks for profitable trade on July 5

IndiGo's OTP plunging in last 2 days: mass bunk, salary discontent among cabin crew

Dalal Street Corner: Bank, FMCG stocks help Nifty clear crucial hurdle of 15,800; what should investors do on Tuesday?

Noise ColorFit Pro 4, ColorFit Pro 4 Max smartwatches launched; price starts at Rs 3,499

Brent crude up as strike in Norway threatens to disrupt oil, gas output

RBI imposes penalty on Kotak Mahindra Bank, IndusInd Bank

Buy, Sell or Hold: What should investors do with Dilip Buildcon, JSW Steel and Jubilant Ingrevia?

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
© 2022. India Dot Com Private Limited. All Rights Reserved.
LIVE TV