New Delhi: The Reserve Bank of India today urged the public to continue accepting coins of various denominations pumped into circulation regularly as legal tender.
The RBI appealed to members of the public not to give credence to rumours regarding the genuineness of coins of 50 paise, Rs 1, Rs 2, Rs 5 and Rs 10 denomination of various sizes, theme and design.
“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 RBI said in a release.
“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”, it reads.
The RBI 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 shapes circulate at the same time. Presently, coins of 50 paise, Rs 1, Rs 2, Rs 5 and Rs 10 denomination of various sizes, theme and design are in circulation, the release added.
The Reserve Bank of India has separately reiterated its instructions to banks to accept coins for transactions and exchange at all their branches.