RBI latest Circular on Coin Acceptance: The Reserve Bank of India (RBI) often issues circulars to spread awareness about the rupee among the people. Many times he also issues notices to differentiate between fake and genuine notes.
This time the Reserve Bank of India (RBI) has issued necessary circular regarding coins. Actually, there are many misconceptions regarding coins of Rs 1, Rs 2 and 50 paise. Most people think that these coins are not in circulation.
Confusion among people regarding coins:
You too must have experienced this. Whenever you go to a vegetable shop or a grocery shop, they do not take change from you. Especially if you are giving a small coin of 1 rupee, they will not accept it. You must have heard that this coin does not work. Actually it is not their fault either. This rumor is spread in the entire market.
RBI cleared the confusion:
Central bank RBI has issued a circular regarding this and has removed all such confusions regarding coins. RBI has said that do not believe in whatever misleading information or rumors are circulating regarding coins.
RBI said that whether it is 50 paise or Rs 1 or Rs 2, Rs 5, Rs 10 or Rs 20, all the coins are valid currency. These are in trend.
The Reserve Bank has said in its message that there should be no doubt regarding the circulation, design and legal tender of the coins. If you are confused after seeing different designs of coins, then get this confusion cleared. RBI clarified that coins of the same denomination have different designs and they remain in circulation even with that design.
What to do if you collect a lot of coins?
If no one is taking coins from you and you have collected a lot of coins, then you can go to your nearest bank and deposit them or take notes in exchange for them.