[sbinews] RBI, banks to accept coins by weight (Businessline)
- From: "Rajendra S. Pai" <rspai9@xxxxxxxxx>
- To: sbinews@xxxxxxxxxxxxx
- Date: Mon, 19 Apr 2004 20:42:51 -0700 (PDT)
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RBI, banks to accept coins by weight
(Businessline)
Our Bureau
Mumbai , April 19
BANKS will no longer have the burden of counting coins
in large numbers. The public can now tender coins at
the counters of public and private sector banks as
also at the RBI's counters.
Banks as well as the Reserve Bank of India will accept
current coins and coins that are no longer in
circulation by weight, said a release issued on
Monday.
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, said the release.
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