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Date: 19/04/2004
RBI advises Banks to accept Coins by Weight

Members of public can now tender current and uncurrent coins at the counters of public and private sector banks as also at the Reserve Bank of India's counters. Banks and the Reserve Bank will accept these coins by weight.

The Reserve Bank of India 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 rupee one denomination. The Reserve Bank has requested the members of public having stocks 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 one rupee and cupronickel coins of two rupees and five rupees.

Alpana Killawala
Chief General Manager

Press Release : 2003-2004/1241

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