Public can continue to accept all the coins as legal tender: RBI

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Biznextindia : The Reserve Bank of India (RBI) on Wednesday appealed the public that they should continue to accept all the coins as legal tender in all their transactions. It has also reiterated its instructions to the commercial banks to accept coins for transactions and exchange at all their branches.

“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, Rs. 1/-, 2/-, 5/- and 10/- denomination of various sizes, theme and design are in circulation” RBI said in a statement.

“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” it added.

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.

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