First, you have to deposit the digital currency into an exchange and then demand a withdrawal . The broker will transfer your money to the same bank account which you would have used to buy the coins. The deposit is made in the same bank account due to money-laundering laws.
Read moreDo banks take coins in India?
RBI advises the bank to accept the coins of every denomination . For mutilated and damaged notes RBI said the notes so presented shall be accepted, exchanged and adjudicated in accordance with Reserve Bank of India (Note Refund) Rules 2009.
Read moreWhat is limited legal tender money?
When the legal tender can be accepted without any limit, then it is known as unlimited legal tender, when the legal tender is accepted with a certain maximum limit then it is known as limited legal tender.
Read moreWhich coins are valid in India?
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 . Coins upto 50 paise are called ‘small coins’ and coins of Rupee one and above are called ‘Rupee Coins’.
Read moreWhat coins are issued by RBI?
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.
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