RBI, banks to accept coins by weight
By Our Banking Bureau | 20 Apr 2004
Mumbai: Banks as well as the Reserve Bank of India (RBI) will accept current coins and coins that are no longer in circulation by weight, a RBI release said.
The RBI has advised all the branches of public/private sector banks in Mumbai city to accept, by weight, aluminium coins of 5 paise, 10 paise, 20 paise, aluminium bronze coins of 10 paise, stainless coins of 10 paise, cupronickel coins of 25 paise, 50 paise and Re 1 denominations.
The RBI has requested the public having stock of such coins to tender them, denomination-wise and metal-wise, over the counters in lots of 100 coins in polythene sachets. Similar arrangements also exist for acceptance of current stainless steel coins of 25 paise, 50 paise and Rs 1 and cupronickel coins of Rs 2 and Rs 5.
