Is 10 RS coin banned in India?

Nevertheless, there is no written document of Rs 10 coin being banned by Reserve Bank of India (RBI), a few people are under apprehension that they may end up accepting fake coins while others feel that the Rs 10 coin is banned.

Can I deposit 10 RS coin in bank?

Banks are reportedly turning away customers who want to deposit money in Rs 10 coins despite the RBI’s clear instructions to accept them as the coins are legal tender. “If a bank refuses Rs 10 coins, customers can lodge a complaint with the RBI,“ a RBI official said.

Why are 10 rupee coins not accepted?

This coin is rumored to be a fake one due to chaos on social media. However, the Reserve Bank of India (RBI) issued an official statement to address these rumors declaring that the old the design prior to 2011 is valid and is legal tender.

How much does it cost to make 10 RS coin?

Furthermore, the cost of manufacturing ₹5 and ₹10 coins is ₹3.69 and ₹5.54 respectively, the RBI said.

Which bank will accept coins?

Currently there are a few banks that we know of that will take your coins:

  • Citibank (requires coin rolls and some fees may vary)
  • Community Savings Banks (requirements vary)
  • US Bank (no rolls but current customers only)
  • Bank of America (requires coin rolls)
  • First County Bank.
  • Western Credit Union.
  • Peoples United.
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How can I convert coins to cash in India?

The RBI Offices, where Issue Department is functioning, offer the facility to members of the public to exchange their notes including soiled and mutilated notes and coins including uncurrent or worn out coins. The Bank is committed to provide exchange facility free of cost at its counters during business hours.

Does RBI buy old coins?

Cautioning the general public “not to fall prey to fictitious offers of buying/ selling of old banknotes and coins,” the RBI said the central bank does not deal in such matters, and “never seeks charges/ commissions of any sort.” …

What is the cost of 1 rupee note?

The original price of the old 1 rupee bundle is Rs 49,999 but the website is selling it for Rs 44,999 after discount.

How much money does it take to make a coin?

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