RBI Guidelines To Acceptance Of Coins – Important GK Updates

Dear Aspirants, Here we have given brief details about the press meet on the acceptance of coins released by Reserve Bank of India in the exam point of view. Candidates those who are preparing for IBPS / SBI / SSC / Insurance exam and all other competitive exams can use this.

In today’s situation Acceptance of coins is an important issue for the normal people of the country. To overcome this situation RBI issued the notification of six guidelines. RBI’s executive director Uma Shankar stated that guidelines during the press meet. Among those six guidelines first two guidelines are very important points to note for the public who are suffering in this issue.

Six Guidelines Of Acceptance Of Coins:

1) RBI was advised that all banks branches should not refuse to accept small denomination notes and coins tendered at their counters. However, Reserve Bank continues to receive complaints about non-acceptance of coins by bank branches. Such denial of service has reportedly, in turn, led to refusal on the part of shopkeepers and small traders, etc., to accept coins as payment for goods sold and services rendered causing inconvenience to the public at large. 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) RBI further advised that it will be preferable to accept coins, particularly, in the lower denominations by weighment. However, accepting coins packed in polythene sachets of 100 each would perhaps be more convenient for the cashiers as well as the customers. Such polythene sachets may be kept at the counters and made available to the customers. A notice to this effect may be displayed suitably inside as also outside the branch premises for information of the public.

3) In order to obviate the problems of storage of coins at the branches, coins may be remitted to the currency chests as per the existing procedure. The stock thus built in the currency chest should be utilised for the purpose of re-circulation. In case the stocks of these coins reach beyond the holding capacity of the currency chest for lack of demand, the Issue Department of the Circle may be approached for remittance of coins.

4) The Controlling Offices may be advised to pay surprise visits to the branches and report the position of compliance in this regard to the Head Office. The reports may be reviewed at the Head Office and prompt remedial action taken, wherever necessary.

5) Any non-compliance in this regard shall be viewed as violation of instructions issued by the Reserve Bank of India and action including penal measures as applicable from time to time, may be initiated.

6) Please acknowledge receipt.

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