RBI Update: When you go to buy vegetables in the evening, the shopkeeper often returns a 1 or 2 rupee coin and says, “This coin will not do, sir!” Many people are often confused about which coins are valid and which are not. Such incidents are common in many cities of the country. Some people feel that the round Rs 2 coin has been discontinued, while others claim that the small Rs 1 coin is fake.
To end such rumours, the Reserve Bank of India (RBI) has now issued a clear and direct message. It says that all the coins are legal tender and no one can refuse to accept or exchange them.
RBI’s public message
RBI regularly keeps giving information to the people about bank notes and coins, sometimes through circulars and sometimes through social media. This time, the bank has released the information through WhatsApp to reach more people. RBI has said that people should not believe any misinformation or rumors spreading about the coins.
Coins of different designs are also accepted
The most important thing in the message of RBI was that the designs of coins of the same denomination may be different, but all of them will remain valid. This means that all coins of Rs 1, Rs 2 or Rs 5, irrespective of their appearance, should be accepted in circulation. RBI also said that all coins of 50 paise, Rs 1, Rs 2, Rs 5, Rs 10 and Rs 20 are legal tender and will remain in circulation for a long time.
Shopkeepers cannot act arbitrarily
It is clear from this message that no shopkeeper or businessman can refuse to accept the coin by saying that it is not valid. Unless the RBI has officially removed a coin from circulation, every coin is legal tender and can be used in transactions. In this way, RBI has ended the biggest confusion regarding coins.
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