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Know what the complete dispute related to coins?

Thursday - June 27, 2019 12:11 pm , Category : WTN SPECIAL
Guidelines issued by RBI on coins
Guidelines issued by RBI on coins

RBI 'clears', coins 'prevailing' of every design valid

JUNE 27 (WTN) - Who does not like chiming of the coins? Everyone is fond of collecting coins in childhood. There was a time when many coins of low price were used in India. But over time, now coins of lower price have been put out of trade by the RBI. At present, coins of 50 paisa, 1 rupee, 2 rupees, 5 rupees and 10 rupees are in circulation in India. But many times it has been seen that some shopkeepers refuse to accept coins of any particular design, due to which the situation of dispute has often been created.

Keeping in view of these disputes, happened from time to time, the Reserve Bank of India has cleared the doubts of the people that all coins, circulated in market of different shapes and designs, are valid. Regarding the coins, the RBI says that whatever coins are being circulated in the market at the moment, they are completely legal, and everyone should accept. For your information, let you know that the Central Government molds the coins and the RBI prevails those coins in the market.

Regarding the coins, the RBI says that to meet the needs of small transactions, coins from different prices are prevailed from time to time. Different coins have different features. These coins are inspired by various views, cultures, as well as economic and social perspectives in India.

Many times it has been observed that banks refuse to accept coins from customers, due to which disputes created in the banks. In this regard, the RBI has said clearly that if a customer comes for changing coins to the bank, then do not return the customers from branches. The Reserve Bank of India has issued guidelines to banks that all bank should accept coins from the customers.

Actually, the whole controversy about the currency prevailing was created with a design of a coin of 10 rupees. After which RBI has cleared that all the 14 designs of 10 rupees coins are valid. Regarding the coins of rupees ten, the RBI said that there is such a report that many people in the country have doubts about design of coins of Rs 10, but no one should have any doubt about the legitimacy of coins. The public should not pay any attention to any kind of rumors, and accept the prevailing coins as a legitimate currency without hesitation.

Well, for your information, let you know that counterfeit coins of Rs 10 are also in circulation in the market. How can you identify counterfeit coins of Rs 10, let us tell you. The rupee sign is made in the real coins of Rs 10, while counterfeit coins only show 10 written. In the real coins of 10 rupees, 10 straps are made, whereas counterfeit coins have 15 straps.

In the counterfeit coin of 10 rupees, number 10 is written on the silver part of the middle only, whereas in the real coins of 10 rupees the number 10 is written slightly down or can be said that it is written on both gold and silver. Bharat and INDIA are written differently on the other side of the real coin, whereas in counterfeit coins it is written together. On the counterfeit coins of Rs 10, you will see a slanting line at the bottom and above the Ashok Pillar, whereas there is no such line in the real coins.

According to the RBI, all coins are valid in the country and its design too. If anyone refuses to accept coins, then you can complain about it in the police. At the same time, according to the instructions of the RBI, no bank can refuse to accept coins from its customers. Know your rights and use them.