Rs.5, Rs.10, Rs.20 coins: RBI new announcement..!?

In this post, you can see the explanation published by the Reserve bank about which of the currencies currently in circulation in india are valid and which are not. Are Rs.5, Rs.10, Rs.20 coins no longer valid: The news is spreading that the current Rs.10 coin in circulation is no longer valid. But RBI has not made any announcement about it.

Reserve Bank:
The bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW'>reserve bank of india has recently announced that the 2000 rupee notes introduced in 2016 will be invalid. In this case, news is spreading that some coins in circulation are invalid. While there is confusion among the people about it, an explanation has been released. Accordingly, while the news is spreading that the current 10 rupee coin (10 RS Coin) is invalid, the bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW'>reserve bank of india has not issued any announcement in this regard. In india Rs 10, Rs 2, Rs 5, and Rs 20 coins are all issued by the Reserve bank of India. In this case, all types of coins are legitimate coins. No one can refuse to accept them as fake.

Which currencies are banned:
Talking about banned coins, coins of 25 paisa or less are banned, however, 50 paisa coins are no longer issued. But it is noteworthy that they are still in circulation. If banks refuse to exchange these notes, action will be taken against them. It should be noted here that the worse the condition of the note, the lower its value. RBI has laid down procedures for the exchange of such notes. Learn about them.

If you have torn or damaged currency notes or you have at least half of them, you will get a new currency instead. Similarly, if there are more than 20 mutilated notes and their value is more than Rs.5,000, then the fee has to be paid. A simple rule of thumb for exchanging notes is that banks cannot refuse to exchange a mutilated currency note if it has a security symbol. Apart from that old notes can be exchanged easily. You don't need to pay any fee for this, however, if the note is badly burnt or in multiple pieces, it will not be replaced. If the bank officer feels that you have deliberately cut or torn the note, he may refuse to exchange your note in that case as well.
Notes in pieces / and/or notes missing essential parts can also be replaced. However, the refund value of these notes is paid as per RBI rules. These can be exchanged without filling any form at all Public Sector bank Branches, currency Chest Branches of all Private Sector Banks, and all Issuing Offices of RBI.
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Sowmiya Sriram

26/11/2023 10:24 AM