How can you tell a fake coin?
Use a scale that is accurate to within 0.01 grams to measure the weight of the coin. Compare your results to that of the genuine coin. If they are significantly off, you may have a counterfeit coin. Use an extremely strong magnet to see if the coin is attracted to it.
Why 10 coins are not accepted?
“To count and accept that, I will have to put someone at it for a day. Also, it is against the circular issued by RBI. So, it is not true that we do not accept 10 rupee coins because we consider it illegitimate. We do not accept it only when it is beyond the permissible limit,” explained the branch manager.
What happens if someone refuses a 10 rupee coin?
It is perfectly legal, the RBI has also clarified. If anyone does not accept a Rs 10 coin, you reserve the right to file sedition charges against that person. According to RBI rules, those who refuse to accept the Indian currency can be liable for action under section 124A (sedition) of IPC.
Can a bank refuse to accept coins?
There is no federal statute mandating that a private business, a person, or an organization must accept currency or coins as payment for goods or services. Private businesses are free to develop their own policies on whether to accept cash unless there is a state law that says otherwise.
Is coins banned in India?
Cryptocurrency may not face a complete ban in India as a report indicates that the government is likely to set up a panel of experts to study the possibility of regulating it. Earlier, the government had intended to come out with a bill to ban all kinds of decentralised cryptocurrencies in the country.
Can anyone refuse to take coins?
No coin is closed. If any person and shopkeeper refuse to take coins, it is an insult to Indian currency. This can lead to legal action against him. So even in such circumstances, coins worth ten thousand rupees have been deposited with them so far.
What is the maximum limit to accept payment in coins?
For instance in India, coins are limited legal tender because coins of 5, 10, 20 and 25 paise can be accepted up to maximum sum of र 1000 as per Coinage bill passed on 11th Aug. 2011. One can refuse payments by an individual in these small coins beyond this limit.
Will a bank buy old coins?
If your goal is to buy rolls of circulated coins, your best bank type is the big name, broad appeal banks where average small business people do their banking. These banks typically deal in substantial amounts of circulated coinage, as some types of businesses take in more coins than they need, and will deposit them.
Is 50 paise coin valid?
Coins of All Denominations are Legal Tender – RBI It is clarified for the benefit of public that all coins including 25 paise and 50 paise coins are legal tender and will continue to be so.
How much is 50 paise worth?
50 Paise Coin Price 50,000 Rupees | Top 4 Rare 50 Paise Coins.
Which is the smallest coin in India?
Indian 1-rupee coin