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Wednesday
July 2019
4:26 AM IST
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Sindhu looks to complete unfinished business in Japan        Griezmann says heart with Barca after ugly Atletico exit        Kotak Mahindra Bank Q1 consolidated up 23 pc; standalone net jumps 33 pc to Rs 1,360 cr        Investor wealth plummets over Rs 4 lakh cr in 3 days of market fall        China says Hong Kong protests 'absolutely intolerable'        Britain's May chairs emergency session on seized tanker        SC to hear on Aug 6 plea by Ahmed Patel against Guj HC order on his election to RS        Nadda pulls up Pragya Singh Thakur for her toilet remarks        Chandrayaan-2 illustrates India's determination to scale new frontiers of science: PM        India's second moon mission launched successfully; ISRO takes control of spacecraft        Ramya Haridas to not accept Youth Congress' car gift        ICC ran out of patience with Zimbabwe cricket: Flower        Pragya's latest: Have not become MP to clean toilets        Want to be an Indian superhero in Avengers: Taapsee Pannu        Have been able to achieve balance between commercial and parallel cinema: Sonakshi        Mahershala Ali to star in Marvel's 'Blade' reboot        Sindhu ends runner-up at Indonesian Open        UK car sector accelerates towards electric future        China importers seek to lift tariffs on US farm goods: State media        LIC offers Rs 1.25 lakh cr line of credit by 2024 to fund highway projects: Gadkari        
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Business News
RBI says all coins must be accepted as legal tender
 
Mumbai: The Reserve Bank of India (RBI) Wednesday asked the public, casting aside their doubts, to continue accepting coins of various denominations pumped into circulation regularly.

The RBI puts into circulation coins minted by the central government.

It said coins have distinctive features which are being introduced from time to time with various themes -- economic, social and cultural, in order to meet the transaction needs of public.

As coins remain in circulation for a longer period, coins of different designs and shapes circulate at the same time, the RBI said.

"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 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 said in a release.

Currently, coins of 50 paise, Rs 1, Rs 2, Rs 5 and Rs 10 denomination of various sizes, theme and design are in circulation.

Separately, the RBI also asked all banks not to turn away customers who come to exchange coins at their branches.

The RBI circular on Facility for Exchange of Notes and Coins advises banks that none of the bank branches should refuse to accept small denomination notes and/or coins tendered at their counters.

However, the RBI continues to receive complaints about non-acceptance of coins by bank branches, causing considerable inconvenience to the public at large, the RBI said in a notification.

"You are, therefore, once again advised to immediately direct all your branches to accept coins of all denominations tendered at their counters for transactions or exchange and ensure strict compliance in the matter," the RBI asked all banks through the notification.


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KERALA NEWS
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INTERNATIONAL NEWS
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NATIONAL NEWS
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