General public & shopkeepers refused to accept coins in Amlarem

Syllad | The Rising MeghalayaMarch 31, 2022

Amlarem Civil Sub Division, i/c SDO on Wednesday dispelled fear of certain traders/shopkeepers/drivers and general public over geniunity of coins, specifically 00 by quoting relevant statements issued by RBI.

As per Reserve Bank of India Press Release : 2016-2017/1257, Dt.20.1 1.2016, 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 longer periods, it is quite possible that coins of different designs and even shapes are circulating at the same time. An instance of this is the 10 coins with rupee symbol and the same denomination coin without rupee symbol.

Both of them are legal tender and equally good for transactions, though they may look a little different.

It has been reported that some less-informed or uninformed persons who suspect the genuineness of such coins are creating doubts in the minds of ordinary people including traders, shop-keepers, etc., impeding the circulation of these coins in certain pockets of the country causing avoidable confusion.

Further, as Reserve Bank of India Master Circular : RBI/2021-22/01 DCM (NE) No G-4/08.07 18/2021-22 Dt.01.04.2021 point No. 1(d) states that : All coins in the denomination of 50 paise, Rs.1 , Rs.2, Rs.5, Rs.10 and Rs.20 of various sizes, theme and design issued from time to time by the Government of India continue to be legal tender.

The Reserve Bank of India has advised members of the public not to give credence to such ill-informed notions and ignore them and continue to accept these coins as legal tender in all their transactions without any hesitation.