Image of coins for representational purposes.
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In videos to spread awareness about misinformation about what coins one can still use for transactional reasons, the Reserve Bank of India (RBI) has cleared the air on whether coins, especially the 50 paise, which many barely see, continue to remain valid.
The message mentions that the coins issued are still being circulated. There are no restrictions in using coins of 50 paise, 1, 2, 5, 10, and 20 rupee coins. While many traders refuse to accept even the 50 paise coin, RBI confirmed that none of these coins has been demonetised.
They advised the general public to use coins without any hesitation, and also requested traders to accept the coins as they still remain valid as cash.
The two videos were sent through WhatsApp to citizens, and informed the public to not believe in rumours about their invalidity. Under their campaign 'RBI Kehta Hai', they said, "Do not believe in rumours about coins. Different coin designs of same value stay in circulation for a long time. All of them are acceptable."
The videos showed people doing transactions through coins, with the receivers saying that the coins are not accepted anymore. But the initiative clears the confusion, and encouraged everyone to continue cash transactions using the coins.
In a statement issued by the bank, "Coins have distinctive features to reflect various themes of economic, social and cultural values and are introduced from time to time." They are still valid even in older designs and continue to be legal tender and accepted for transactions.