RBI / 2004-05 / 315
DCM (Plg) No.G-31 /10.03.00/2004-05
December 27, 2004
Currency Chest maintaining Banks as per list.
Dear Sir / Madam
Non-acceptance of coins
Please refer to the directions/instructions
advised to you in our letter DCM(RMMT)
No. 1181/11.37.01/2003-04 dated April 5, 2004, on acceptance of coins by
bank branches. The hardship faced by the members of public because of non-acceptance
of coins by branches of commercial banks was deliberated upon, among other issues,
in the Conference of Regional Heads of Issue Offices and Senior Officers from
the chest maintaining banks, held at the Reserve Bank Staff College, Chennai,
on November 22, 2004.
2. As we still continue to receive
directly as well as indirectly complaints about non-acceptance of coins by bank
branches, we advise you once again to immediately direct all your branches to
accept coins of all denominations tendered at their counters either for exchange
or for deposit in accounts. We hope that a notice informing public about the
availability of exchange facility and acceptance of coins has been displayed
suitably inside as also outside the branch premises for information of the public.
3. In order to facilitate the
handling of coins received over the counters, you may consider installation
of sorting machines, especially in big organizations /temple towns/branch premises.
As advised earlier, the aluminium coins of 5 paise, 10 paise and 20 paise, aluminium
bronze coins of 10 paise, stainless steel coins of 10 paise and cupronickel
coins of 25 paise, 50 paise and Re.1 may be remitted to the Government of India
Mints at Mumbai/Kolkata/Hyderabad with prior intimation as per the existing
procedure. Efforts should be made to recirculate the stainless steel coins of
25 paise, 50 paise and Re.1 and cupronickel coins of Rs. 2 and Rs. 5 denominations.
However, in case of lack of demand for these coins, the Issue Department of
the Circle may be approached for remittance of coins.
4. You are once again requested
to issue necessary instructions to all your bank branches to accept coins from
public without any restriction so as to avoid any inconvenience to the public.
5. Please acknowledge receipt
and apprise us of the action taken in the matter.
Chief General Manager
List of Banks to whom letter DCM
(Plg) No. G-31 /10.03.00/2004-05 dated 27th December 2004, is addressed.