RBI Reaffirms 10 Rupee Coins are Legal Tender | CORPORATE ETHOS

RBI Reaffirms 10 Rupee Coins are Legal Tender

By: | January 18, 2018
10 rupee

The Reserve Bank of india (RBI) has reiterated once again that 10 Rupee coins are legal tender and has to be accepted for transactions by establishments and the public. The repeated statements from the Central Bank follows reports about reluctance on the part of people to accept 1o Rupee coins as legal tender due to suspicion about their genuineness.

It is clarified that the Reserve Bank puts into circulation, the coins minted by mints, which are under the Government of India. These coins have distinctive features to reflect various themes of economic, social and cultural values and are introduced from time to time.

As coins have longer life, coins of different designs and shapes circulate in the market at the same time. So far the Reserve Bank has issued ` 10 coins in 14 designs and the public has been informed of their distinctive features through the media.

All these coins are legal tender and can be accepted for transactions. The Reserve Bank has also advised banks to accept coins for transactions