Date : Jun 26, 2019

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

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 sizes 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

Reserve Bank of India

Acceptance of coins

DCM (NE) No.3057/08.07.18/2018-19

June 26, 2019

The Chairman and Managing Director /
The Managing Director/
The Chief Executive Officer
All Banks

Madam / Dear Sir,

We invite a reference to our circular DCM (RMMT) No.2945/11.37.01/2017-18 dated February 15, 2018 on the captioned subject and Paragraph 1 (d) of our Master Circular DCM (NE) No.G-2/08.07.18/2018-19 dated July 02, 2018 (updated as on January 14, 2019) on Facility for Exchange of Notes and Coins, where it was advised that none of the bank branches should refuse to accept small denomination notes and / or coins tendered at their counters.

2. However, Reserve Bank continues to receive complaints about non-acceptance of coins by bank branches, causing considerable inconvenience to the public at large.

3. 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.

Yours faithfully

(Ajay Michyari)
Chief General Manager-in-Charge

More Under Fema / RBI

Leave a Comment

Your email address will not be published. Required fields are marked *

Search Posts by Date

December 2020