Even as all coins in circulation are legal tenders, many times shopkeepers and hawkers refuse to accept Re 1 coin for transaction at many places these days. If you have also faced such an issue, here’s some relief for you.
As per the RBI guidelines, post offices accept all types of notes and coins. So you can deposit the Re 1 coin or buy something with it at a post office near you.
Recently, while responding to a person’s query on where to deposit Re 1 coins, India Post said from its official Twitter handle that post offices accept all types of notes and coins issued by the RBI.
India Post also instructed the concerned post office to accept all types of coins and notes issued by the RBI.
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What RBI says
Through an official notification dated 26th June 2019, the Reserve Bank of India had appealed to people not to believe in rumours and accept all the coins in circulation as legal tender for transactions.
“The Reserve Bank of India puts into circulation coins minted by the Government of India. These coins have distinctive features. Coins in new denominations to meet transaction needs of public and coins in new designs to reflect various themes – economic, social and cultural – are introduced from time to time. As coins remain in circulation for a longer period, coins of different designs and sizes circulate at the same time. Presently, coins of 50 paise, ₹ 1/-, 2/-, 5/- and 10/- denomination of various sizes, theme and design are in circulation,” RBI had said.
“It is reported that there are doubts in some quarters, regarding the genuineness of such coins which has resulted in reluctance on the part of some traders, shop-keepers and members of public to accept coins. This has impeded the free use and circulation of coins in certain pockets of the country. The Reserve Bank appeals to members of the public not to give credence to such rumours and continue to accept these coins as legal tender in all their transactions without any hesitation,” it added.
Rs 10 coin
Recently, there were reports that people were facing difficulty in getting their Rs 10 coins accepted in the markets as they were presumed to be fake ones. Responding to a query on this issue in the parliament, the Central Government had said Rs 10 coins of all sizes, designs and themes were legal tender.
“Coins of Rs 10 of various sizes, themes and designs, minted under authority of Government of India and circulated by the Reserve Bank of India, are legal tender and can be used as legal tender in all transactions,” Pankaj Chaudhary, Minister of State in Finance Ministry, had said in the Rajya Sabha.
