The coins are issued for circulation only through the Reserve Bank in terms of the RBI Act. Coins in India are presently being issued in denominations of 10 paise, 20 paise, 25 paise, 50 paise, one rupee, two rupees and five rupees .
Read moreWhy coins are not issued by RBI?
In respect of coins, the role of RBI is limited to distribution of coins that are supplied by Government of India . The Government of India is responsible for the designing and minting of coins in various denominations as per the Coinage Act, 2011. 7.
Read moreIs 10 RS coin banned in India?
Rupee 10 coins are legal tender , says Government. Rs 10 coins being circulated by the Reserve Bank of India (RBI) in various themes, sizes and designs are legal tender. It can be used as legal tender in all transactions, according to the Central Government.
Read moreIs 25p legal tender?
The British regular issue coin closest to the coin’s nominal value is the twenty pence coin. The coins were issued for commemorative purposes and were not intended for circulation, although they remain legal tender and must be accepted at Post Offices.
Read moreWhat is the limited legal tender in India?
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 moreDo we have 20 rupee coin?
20 rupees: The face of the coin shall bear the Lion Capitol of Ashoka Pillar with the legend “Satyemev Jayate” inscribed below, flanked on the left periphery with the word “Bharat” in Hindi and on the right periphery with the word “INDIA” in English.
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