Amid confusion over the validity of coins in denominations ranging from 50 paise to Rs 20, the Reserve Bank of India (RBI) has clarified that these coins remain legal tender. The RBI has addressed the issue as misinformation continues to proliferate regarding the legal tender status of these coins under its awareness campaign titled “RBI Kehta Hai”. In a couple of videos released on social media platforms, the central bank has showcased the issues faced by citizens while attempting transactions with coins, some of which were refused by recipients.
The RBI stated, “Do not believe in rumours about coins. Different coin designs of the same value stay in circulation for a long time. All of them are acceptable.”
The coins hold legal status
The videos shared by the RBI are aimed at emphasising that all coins issued by it continue to hold legal status while simultaneously dispelling rumours surrounding their legal status.
The initiative was necessitated as reports keep surfacing regarding many traders who were refusing to accept coins, especially when dealing with 50 paise coins. Despite the 50 paise coin being known for not featuring prominently in day-to-day transactions, the RBI has reiterated that it has not been demonetised, and citizens can continue to use it freely.
The bank, in its clarification, also noted that coins, even the older ones, are reflective of distinctive features representing economic, social, and cultural themes as well as values. RBI’s statement reads, “Coins have distinctive features to reflect various themes of economic, social, and cultural values and are introduced from time to time.”
RBI urges traders to accept these coins
RBI has urged the citizens to use and traders to accept these coins without any sense of hesitation. In the videos shared, the RBI has shown scenarios when coins faced rejections. It has highlighted the need for the public to be aware of the legality of these coins to counter the spreading misinformation.
This clarification from the central bank emphasises the fact that coins of all denominations, including 50 paise, Re 1, Rs 2, Rs 5, Rs 10, and Rs 20, continue to have legal status across India.
Here's what the RBI said:
- Coins of 50 paise, Rs 1, Rs 2, Rs 5, Rs 10, and Rs 20 are all legal tender and remain in circulation for a long time.
- Do not believe in misleading information or rumours about coins.
- Accept them without hesitation.
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