If rickshaw pullers or vegetable vendors refuse to accept 1, 2, or 50 paise coins from you, saying they are no longer valid, then this is an important update for you. The RBI has issued important information regarding this matter. You should know it.

RBI latest Circular on Coin Acceptance: The Reserve Bank of India (RBI) frequently issues circulars to raise public awareness about currency. It also sometimes issues notices to distinguish between fake and genuine notes. This time, the Reserve Bank of India (RBI) has issued important circular regarding coins. There are many misconceptions about the 1 rupee, 2 rupee, and 50 paise coins. Most people believe these coins are no longer in circulation.

Confusion among people regarding coins:

You may have experienced this. Whenever you go to a vegetable shop or grocery store, they won't accept change. Especially if you offer a small one rupee coin, they won't accept it. You may have heard that this coin doesn't work. In reality, it's not their fault either. This rumor is spreading throughout the market.

The central bank, the Reserve Bank of India (RBI), has issued a circular to address the confusion surrounding coins. The RBI has advised against any misleading information or rumors circulating about coins.

The RBI said that whether it is 50 paise, 1 rupee, 2 rupees, 5 rupees, 10 rupees or 20 rupees, all coins are legal tender. They are in circulation.

In its message, the Reserve Bank of India (RBI) stated that there should be no confusion regarding the circulation, design, and legal tender status of coins. If you are confused by the different coin designs, please clarify this confusion. The RBI clarified that coins of the same denomination have different designs and remain in circulation with that design.

What to do if you collect a lot of coins?

If no one is accepting coins from you and you have collected a lot of coins, then you can go to your nearest bank and deposit them or get notes in exchange for them.

PC:News24