Why 10 coins are not accepted in Goa?

The Rs 10 coin is a national currency and no one has the right to refuse it as the government of India promises to pay the value of the currency to the bearer. According to RBI rules, those who refuse to accept the Indian currency can be liable for action under section 124A (sedition) of IPC.

Which currency is not accepted by RBI?

Recently, banknotes in the denomination of ₹500 and ₹1000 issued under the Mahatma Gandhi Series have been withdrawn from circulation with effect from the midnight of November 08, 2016 and are, therefore, no more legal tender.

Can we exchange 10 RS coin bank?

Banks are reportedly turning away customers who want to deposit money in Rs 10 coins despite the RBI’s clear instructions to accept them as the coins are legal tender. “If a bank refuses Rs 10 coins, customers can lodge a complaint with the RBI,“ a RBI official said.

Why one rupee coin is not accepted?

It is reported to all the people that the one rupee coin has not closed. Therefore, no person should refuse to take a coin. If he refuses to take the coin, it is an insult to Indian currency. Coins are deposited in the bank.

Is 10 RS coin valid or not in Pakistan?

As per instructions of State Bank of Pakistan (SBP) the old design banknotes of Rs. 10, 50, 100 and 1000 will cease to be legal tender with effect from December 01, 2016.

How can you tell a fake 10 rupee coin?

One such change is introduction of ‘Rupee symbol’ in coins in July 2011. An instance of this is the Rs. 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.

Does RBI accept coins?

Agreement between RBI and commercial banks (b) The banks are required to direct all their branches to accept coins of all denominations tendered at their counters either for exchange or for deposit in accounts. Such coins, particularly lower denominations, may be preferably accepted by weighment.

Who designed first coin of Pakistan?

The first coin was made of nickel and designed by Brandley. The earlier coins used Toughra, a calligraphic monogram, which stated Hukumat-e-Pakistan (Government of Pakistan) in Urdu. The government of Pakistan issued currency based on the traditional rupees, annas and pice of the sub-continent.

Who issue the coins in Pakistan?

SBP has also issued commemorative coins on occasions such as Father of the Nation Quaid-e-Azam Muhammad Ali Jinnah’s Birth Anniversary, Islamic Summit, Wild Life Conservation day, Poet of the East Allama Iqbal’s Birth anniversary, Advent of 15th century Hijra etc.

Are Rs 10 coins legal tender in India?

“It has come to the notice of the Reserve Bank that in certain places there is reluctance on part of traders and members of public to accept Rs 10 coins due to suspicion about their genuineness,” RBI said while reiterating legal tender status of the coins of different designs.

How are coins issued in India?

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. Coins upto 50 paise are called ‘small coins’ and coins of Rupee one and above are called ‘Rupee Coins’.

What is the denomination of rupee coins?

Coins upto 50 paise are called ‘small coins’ and coins of Rupee one and above are called ‘Rupee Coins’. Coins can be issued up to the denomination of Rs.1000 as per the Coinage Act, 1906.

How many designs of Rs 10 coin are there?

“So far the Reserve Bank has issued Rs 10 coin in 14 designs…All these coins are legal tender and can be accepted for transactions,” RBI said. It has also asked banks to accept coins for transactions and exchange at all their branches. Download The Times of India News App for Latest Business News.