Money & Banking

Coins of various denominations continue to be legal tender: RBI

Our Bureau Mumbai | Updated on June 26, 2019 Published on June 26, 2019

Representative image   -  BUSINESS LINE

The Reserve Bank has appealed to members of the public not to give credence to rumours regarding the genuineness of coins of 50 paise, ₹1, ₹2, ₹5 and ₹10 denomination of various sizes, theme and design. It asked them to continue to accept these coins as legal tender in all their transactions without any hesitation.

“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, shopkeepers and members of public to accept coins. This has impeded the free use and circulation of coins in certain pockets of the country,” the central bank said in a statement. Meanwhile, following receipt of complaints about non-acceptance of coins by bank branches, the RBI has again advised banks to accept coins of all denominations tendered at their counters for transactions or exchange and ensure strict compliance in the matter.

In this regard, the Reserve Bank appealed 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.

The RBI said it puts into circulation coins minted by the Government of India. These coins have distinctive features.

Coins in new denominations to meet transaction needs of public and coins in new designs to reflect various themes — economic, social and cultural — are introduced from time to time. They remain in circulation for a longer period.

Published on June 26, 2019

A letter from the Editor


Dear Readers,

The coronavirus crisis has changed the world completely in the last few months. All of us have been locked into our homes, economic activity has come to a near standstill. Everyone has been impacted.

Including your favourite business and financial newspaper. Our printing and distribution chains have been severely disrupted across the country, leaving readers without access to newspapers. Newspaper delivery agents have also been unable to service their customers because of multiple restrictions.

In these difficult times, we, at BusinessLine have been working continuously every day so that you are informed about all the developments – whether on the pandemic, on policy responses, or the impact on the world of business and finance. Our team has been working round the clock to keep track of developments so that you – the reader – gets accurate information and actionable insights so that you can protect your jobs, businesses, finances and investments.

We are trying our best to ensure the newspaper reaches your hands every day. We have also ensured that even if your paper is not delivered, you can access BusinessLine in the e-paper format – just as it appears in print. Our website and apps too, are updated every minute, so that you can access the information you want anywhere, anytime.

But all this comes at a heavy cost. As you are aware, the lockdowns have wiped out almost all our entire revenue stream. Sustaining our quality journalism has become extremely challenging. That we have managed so far is thanks to your support. I thank all our subscribers – print and digital – for your support.

I appeal to all or readers to help us navigate these challenging times and help sustain one of the truly independent and credible voices in the world of Indian journalism. Doing so is easy. You can help us enormously simply by subscribing to our digital or e-paper editions. We offer several affordable subscription plans for our website, which includes Portfolio, our investment advisory section that offers rich investment advice from our highly qualified, in-house Research Bureau, the only such team in the Indian newspaper industry.

A little help from you can make a huge difference to the cause of quality journalism!

Support Quality Journalism
This article is closed for comments.
Please Email the Editor
You have read 1 out of 3 free articles for this week. For full access, please subscribe and get unlimited access to all sections.