“We need the support of the media to tell people that Rs 10 coins are not fake. We are facing this problem only in Karnataka. … Veerendra Kamath from the Bruhat Bangalore Hotels Association says that though they are legal tender, customers refuse to accept Rs 10 coins.
Do banks accept 10 rupee coins?
2017 and in terms of Section 6 (1) of Indian Coinage Act, 2011, the coins issued under the authority of section 4 shall be a legal tender in payment or on account, in case of :- “A coin of any denomination not lower than one rupee, for any sum not exceeding one thousand rupees.” So, the banks should not accept coins …
What is the cost of making a 10 rupee Indian coin?
Furthermore, the cost of manufacturing ₹5 and ₹10 coins is ₹3.69 and ₹5.54 respectively, the RBI said.
How can I deposit coins in Bank of India?
The exchange of coins can be very easy. RBI has given certain instruction regarding the bank coin acceptance. RBI said you need to make polythene sacks of 100Rs in coin for each separate denomination.
Can a bank refuse to accept coins?
There is no federal statute mandating that a private business, a person, or an organization must accept currency or coins as payment for goods or services. Private businesses are free to develop their own policies on whether to accept cash unless there is a state law that says otherwise.
Does RBI accept coins?
(d) None of the bank branches should refuse to accept small denomination notes and / or coins tendered at their counters. All coins in the denomination of 50 paise, ₹ 1/-, 2/-, 5/-, 10/- and 20/- of various sizes, theme and design issued from time to time by the Government of India continue to be legal tender.
When did 5s coin launch in India?
The Indian 5 rupee coin is a denomination of the Indian rupee.
Indian 5-rupee coin.
|Years of minting||1949 – present|
|Design||Lettering of “भारत” on left, “india” on right, the year of mint and mint mark below, Lion capital with the lettering “सत्यमेव जयते” below it.|
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.
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.” …
How coins are made in India?
Coins are minted at the four India Government Mints at Mumbai, Alipore(Kolkata), Saifabad(Hyderabad), Cherlapally (Hyderabad) and NOIDA (UP). The coins are issued for circulation only through the Reserve Bank in terms of the RBI Act. … Coins can be issued up to the denomination of Rs. 1000 as per the Coinage Act, 1906.