RBI urges public to accept all coins as legal tender. Bank urges traders, shop-keepers & public to not to give credence to rumours of fake coins
Reserve Bank of India
Date : Jun 26, 2019
The Reserve Bank of India 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. As coins remain in circulation for a longer period, coins of different designs and shapes circulate at the same time. Presently, coins of 50 paise, ₹ 1/-, 2/-, 5/- and 10/- denomination of various sizes, theme and design are in circulation.
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.
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 Reserve Bank of India has separately reiterated its instructions to banks to accept coins for transactions and exchange at all their branches as advised vide DCM (NE) No.G-2/08.07.18/2018-19 dated July 2, 2018 and updated as on January 14, 2019.
Yogesh Dayal
Chief General Manager
Press Release: 2018-2019/3056
Addition deleted as assessee was only a carrier of cash and the real owner had come forward owning the cash…
Lokayukta Police not an ‘intelligence and security’ organisation and hence not exempt from disclosure of information under RTI Act 2005…
Payment of imprest whether a transfer within the meaning of section 269ST – case remanded for determination In a recent…
CA Misconduct – Appellate order quashed as final judgment was not passed by same members who heard arguments. In a…
Deceased homemaker can not be considered as dependant for award of compensation under MV Act. Courts to award a composite…
CIT Revision notice u/s 263 quashed as the Assessing Officer rightly taken DVO value of property sold as actual sale…