The Reserve Bank of India (RBI) on June 26 asked the general public, casting aside their doubts, to continue accepting coins of numerous denominations pumped into stream regularly. The RBI puts into stream coins minted through the principal authorities.
It said cash has different functions, which are being introduced sometimes with various subject matters — monetary, social, and cultural so that it will meet the transaction desires of the public.
As coins remain in the movement for an extended period, cash of various designs and shapes circulates simultaneously, the RBI said.
“It is reported that there are doubts in a few quarters concerning the genuineness of such coins, which has led to reluctance on the part of a few traders, keepers, and individuals of the public to accept coins. This has impeded the loose use and flow of cash in your positive wallet. S…”The Reserve Bank appeals to contributors of the public no longer to give credence to such rumors and continue to accept this cash as legal tender in all their transactions without any hesitation,” it said in a release.
Currently, coins of fifty paise, Rs 1, Rs 2, Rs 5, and Rs 10 denomination of diverse sizes, themes, and layouts are in movement.
Separately, the RBI also requested all banks now not to pull away clients who come to change coins at their branches.
The RBI round on Facility for Exchange of Notes and Coins advises banks that not one of the bank branches should refuse to accept small denomination notes and/or coins tendered at their counters.
However, the RBI continues to get hold of complaints about the non-reputation of coins using bank branches, causing huge inconvenience to the general public at big, the RBI stated in a notification.
“You are, therefore, once again suggested to right now direct all your branches to simply accept cash of all denominations tendered at their counters for transactions or exchange and make sure strict compliance in the matter,” the RBI asked all banks through the notification. Business Laws For Small Businesses via Akhil Shahani
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