i) Limited legal tender. It is that money which no person can be forced to accept beyond a certain maximum limit fixed by law. For instance in India, coins are limited legal tender because coins of 5, 10, 20 and 25 paise can be accepted up to maximum sum of र 1000 as per Coinage bill passed on 11th Aug.
Read moreDo banks accept coins for deposit in India?
You are, therefore, once again advised to immediately direct all your branches to accept coins of all denominations tendered at their counters either for exchange or for deposit in accounts. 2. … A notice to this effect may be displayed suitably inside as also outside the branch premises for information of the public. 3.
Read moreIs 20 RS coin launched by RBI?
The Indian 20-rupee coin (₹20) is a denomination of the Indian rupee. The ₹20 coin is the highest-denomination circulation coin minted in India since its introduction in 2019. The present ₹20 coin is released for circulation. … Indian 20-rupee coin. ObverseDesignerRBIDesign date2020ReverseDesignerRBIIndian 20-rupee coin – Wikipedia en.wikipedia.org › wiki › Indian_20-rupee_coin
Read moreHow much can you legally pay in coins in India?
Coin of any denomination not lower than one rupee shall be legal tender for any sum not exceeding one thousand rupees . Fifty paise (half rupee) coin shall be legal tender for any sum not exceeding ten rupees.
Read moreWhat is the cost of 1 rupee coin?
The average cost of manufacturing a single one rupee coin is ₹1.11 , which is more than its own value, the Reserve Bank of India (RBI) revealed in response to an RTI query. To mint a ₹2 coin, the government spends ₹1.28, it added.
Read moreWhat can you do with coins 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.
Read moreIs there a 50 rupee coin in India?
). On 30 June 2011, when the 25 paisa and all other lower denomination coins were officially demonetised, the 50 paise coin became the lowest circulating denomination of the Indian rupee .
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