Accept All Currency Coins Of Rs. 1, 2, 5, 10: RBI Directs Banks
From time to time, the Reserve Bank of India (RBI) has issued press releases to spread the word that the regulator tends to exhort the banks to accept Rs. 10 currency coins of all 14 types, and also to avoid turning down currency coins of Re 1, Rs. 2, and Rs. 5.
For quite some time, a section of people were turning down Rs. 10 coins by calling them fake. The Central bank, however, stuck to its stand that none of the coins that have been issued since March 2009 is fake. As a matter of fact, there are a total of 14 types of Rs. 10 coins. While explaining the rationale of issuing various kinds of coins that has reportedly caused confusions in the minds of people, the RBI said that the coins have a longer shelf life and hence, what was minted say 10 years ago may remain in circulation along with what got minted a year ago. Because of this, there is a likelihood that the different designs of coins remain in circulation simultaneously.
RBI’s Stand On Currency Coins Remains Firm. Five Things To Know
1. Taking a firm stand against the banks, which refuse to accept coins, the Reserve Bank of India (RBI) issued a circular recently. “(We draw your attention on an earlier circular) 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 counter,” reads the circular issued on February 15.
2. The RBI further advised that it will be preferable to accept coins, particularly, in the denominations of Re 1 and Rs. 2, by weighment. However, accepting coins packed in polythene sachets of 100 each would perhaps be more convenient for the cashiers as well as the customers. Such polythene sachets may be kept at the counters and made available to the customers. “A notice to this effect may be displayed suitably inside as also outside the branch premises for information of the public,” says RBI.
3. Between March 2009 and June 2017, a total of 14 kind of Rs. 10 coins were minted across the eight-year period.
4. There are a total of 14 types of Rs. 10 coins issued by the RBI.
5. In the past also, the RBI had issued a statement on November 20, 2016 exhorting the members of the public to continue to accept coins of Rs. 10 denomination as legal tender in all their transactions without any hesitation.