All Coins Must Be Accepted As Legal Tender: RBI
New Delhi: The Reserve Bank of India (RBI) on Wednesday asked the public to cast aside their doubts and continue accepting coins of various denominations currently in circulation.
This comes in wake of incidents where a section of people refused to accept coins of certain denomination (especially the Re. 1 coin of smaller size), doubting their genuineness.
“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 the public to accept coins. This has impeded the free use and circulation of coins in certain pockets of the country.”
“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,” the apex bank said in a statement.
The RBI further said coins have distinctive features which are being introduced from time to time with various themes viz. economic, social and cultural, in order to meet the transaction needs of the public.
As coins remain in circulation for a longer period, coins of different designs and shapes circulate at the same time, the bank added.
Currently, coins of 50 paise, Re 1, Rs 2, Rs 5 and Rs 10 denomination of various sizes, theme and design are in circulation.
Separately, the RBI also asked all banks not to turn away customers who come to exchange coins at their branches.
“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 asked all banks through the notification.