New Delhi: You may have often noticed shopkeepers confused when you purchase with coins ranging from one to twenty rupees. Some coins are happily kept, but if you offer a different type of coin, shopkeepers and even rickshaw drivers return it, citing the fact that the coin has been discontinued.
When this confusion spreads among customers, they too avoid accepting such coins. Coins of various designs, ranging from one to twenty rupees, are in circulation in the market. Considering all this, the Reserve Bank of India has issued some guidelines. You can read an update regarding all coins in the news below.
What did the RBI say about the confusion in the market?
The Reserve Bank of India has clearly stated that no one should trust any unsubstantiated misinformation about coins. The RBI stated that
1 rupee, 2 rupee, 5 rupee, 10 rupee, and 20 rupee coins are all valid and fully in circulation.
Even if the coins have different designs, there will be no problem. Many people believe that coins of the same denomination are not valid. However, this is not the case. The RBI has dispelled this myth from the very beginning.
According to the bank, it is normal for coins of the same denomination to have multiple designs. Furthermore, all these designs must be valid. This should ensure that you do not feel confused by any type of coin.
What to do if a shopkeeper refuses to accept a coin?
You may be surprised to know that if a merchant refuses to accept a coin, you may have a lot of trouble. This can lead to problems. You can contact your nearest bank and exchange them for cash.
The RBI’s message is clear: every coin has equal value and validity as Indian currency. It may be a different size, a different design, or a duller lustre, but it will still be valid.