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

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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
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