Facility for exchange of notes and coins at bank branches
Now a days every one neglected to received coin, whether it is auto rikso, kirana shop, cigrate shop or a knowledgeable bussiness man. A bizzared word is blowing that coin is not acceptable, and all of these are blaming bankers that these bankers are reluctant to receive coin. But this is not true as per bank officers information, there are some rules and regulation. Every one can deposit coin at a bank counter but there are some rules..Income Tax Rates for Individuals and HUFs for FY 2017-18 (AY 2018-19)
"(a) All branches of banks in all parts of the country are mandated to provide the
following customer services, more actively and vigorously to the members of public
so that there is no need for them to approach the RBI Regional Offices for this
purpose:
(i) Issuing fresh / good quality notes and coins of all denominations on demand,
(ii) Exchanging soiled / mutilated / defective notes, and
(iii) Accepting coins and notes either for transactions or exchange. In terms of
section 6 (1) of The Coinage Act, 2011, the coins issued under the authority of
section 4 shall be a legal tender in payment or on account, in case of :-
a) a coin of any denomination not lower than one rupee, for any sum not
exceeding one thousand rupees;
b) a half-rupee coin, for any sum not exceeding ten rupees:
Provided that the coin has not been defaced and has not lost weight so as to be less
than such weight as may be prescribed in its case.
(b) All branches should provide the above facilities to members of public without any
discrimination on all working days. The scheme of providing exchange facility by a
few select currency chest branches on one of the Sundays in a month will remain
unchanged. The names and addresses of such bank branches should be available
with the respective banks.
(c) The availability of the above-mentioned facilities at the bank branches should be
given wide publicity for information of the public at large.
(d) None of the bank branches should refuse to accept small denomination notes
and / or coins tendered at their cou
## For more information please visit
Master Circular – Facility for Exchange of Notes and Coins
Please refer to the Master Circular DCM(NE)No. G-1/08.07.18/2016-17 dated July
18, 2016 containing instructions on the facility for exchange of notes and coins. A
revised version of Master Circular on the subject is annexed for information and
necessary action. This Master Circular is placed in RBI website www.rbi.org.in.
**Please subscribed www.bankingobankers.com for more banking related news and materials and also share your though for improvement of the blog. Thank You. ---BANKING O BANKERS
Now a days every one neglected to received coin, whether it is auto rikso, kirana shop, cigrate shop or a knowledgeable bussiness man. A bizzared word is blowing that coin is not acceptable, and all of these are blaming bankers that these bankers are reluctant to receive coin. But this is not true as per bank officers information, there are some rules and regulation. Every one can deposit coin at a bank counter but there are some rules..Income Tax Rates for Individuals and HUFs for FY 2017-18 (AY 2018-19)
"(a) All branches of banks in all parts of the country are mandated to provide the
following customer services, more actively and vigorously to the members of public
so that there is no need for them to approach the RBI Regional Offices for this
purpose:
(i) Issuing fresh / good quality notes and coins of all denominations on demand,
(ii) Exchanging soiled / mutilated / defective notes, and
(iii) Accepting coins and notes either for transactions or exchange. In terms of
section 6 (1) of The Coinage Act, 2011, the coins issued under the authority of
section 4 shall be a legal tender in payment or on account, in case of :-
a) a coin of any denomination not lower than one rupee, for any sum not
exceeding one thousand rupees;
b) a half-rupee coin, for any sum not exceeding ten rupees:
Provided that the coin has not been defaced and has not lost weight so as to be less
than such weight as may be prescribed in its case.
(b) All branches should provide the above facilities to members of public without any
discrimination on all working days. The scheme of providing exchange facility by a
few select currency chest branches on one of the Sundays in a month will remain
unchanged. The names and addresses of such bank branches should be available
with the respective banks.
(c) The availability of the above-mentioned facilities at the bank branches should be
given wide publicity for information of the public at large.
(d) None of the bank branches should refuse to accept small denomination notes
and / or coins tendered at their cou
## For more information please visit
Master Circular – Facility for Exchange of Notes and Coins
Please refer to the Master Circular DCM(NE)No. G-1/08.07.18/2016-17 dated July
18, 2016 containing instructions on the facility for exchange of notes and coins. A
revised version of Master Circular on the subject is annexed for information and
necessary action. This Master Circular is placed in RBI website www.rbi.org.in.
**Please subscribed www.bankingobankers.com for more banking related news and materials and also share your though for improvement of the blog. Thank You. ---BANKING O BANKERS
No comments:
Post a Comment