RBI says all coins must be accepted as legal tender

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India
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Mumbai, Jun 26: The Reserve Financial institution of India (RBI) Wednesday requested the general public, casting apart their doubts, to proceed accepting cash of assorted denominations pumped into circulation repeatedly.

The RBI places into circulation cash minted by the central authorities. It mentioned cash have distinctive options that are being launched sometimes with varied themes — financial, social and cultural, so as to meet the transaction wants of public.

As cash stay in circulation for an extended interval, cash of various designs and shapes flow into on the identical time, the RBI mentioned.

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“It’s reported that there are doubts in some quarters, relating to the genuineness of such cash which has resulted in reluctance on the a part of some merchants, shop-keepers and members of public to simply accept cash. This has impeded the free use and circulation of cash in sure pockets of the nation.

“The Reserve Financial institution appeals to members of the general public to not give credence to such rumours and proceed to simply accept these cash as authorized tender in all their transactions with none hesitation,” it mentioned in a launch. At the moment, cash of 50 paise, Rs 1, Rs 2, Rs 5 and Rs 10 denomination of assorted sizes, theme and design are in circulation.

Individually, the RBI additionally requested all banks to not flip away clients who come to trade cash at their branches. The RBI round on Facility for Change of Notes and Cash advises banks that not one of the financial institution branches ought to refuse to simply accept small denomination notes and/or cash tendered at their counters. Nevertheless, the RBI continues to obtain complaints about non-acceptance of cash by financial institution branches, inflicting appreciable inconvenience to the general public at giant, the RBI mentioned in a notification.

“You’re, due to this fact, as soon as once more suggested to instantly direct all of your branches to simply accept cash of all denominations tendered at their counters for transactions or trade and guarantee strict compliance within the matter,” the RBI requested all banks by means of the notification.

PTI

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