The Reserve Bank of India (“RBI”) provides facility for exchange of notes and coins. All the
banks are strictly advised that the bank branches should not refuse to accept
small denomination notes and / or coins tendered at their counters.
Even though an unusual situation is
prevailing within different parts of the country with traders, shopkeepers,
vendors, are refusing to accept coins following rumors that the government has
banned them. On the other hand the bankers have also refused to accept them on
the pretext of not having enough space to store it in the bank and also because
it takes more time to count the coins. The other reason offered by the bank
officials for not accepting the coin is that it is time consuming and disrupts
other banking operations.
In order to provide safeguards against these
situations the “RBI” issue notification
on February 15, 2018 “Acceptance of
coins” by banks.
The RBI strictly advises Chairman, Managing
Director, and Chief Executive Officer of all banks to direct all their branches
to accept coins of all denominations tendered at their counters either for
exchange or for deposit in accounts.
The RBI Further advises that it will be
preferable to accept coins, particularly, in the denominations of Rupee 1 and
2, by weighment. However, accepting
coins packed in polythene sachets of 100 each would perhaps be more convenient
for the cashiers as well as the customers. Such polythene sachets may be kept
at the counters and made available to the customers. A notice to this effect
may be displayed suitably inside as also outside the branch premises for
information of the public.
The
RBI advises to Controlling Offices to
pay surprise visits to the branches and report the position of compliance in
this regard to the Head Office. The reports may be reviewed at the Head Office
and prompt remedial action taken, wherever necessary. Any non-compliance in
this regard shall be viewed as violation of instructions issued by the Reserve
Bank of India and action including penal measures as applicable from time to
time, may be initiated.
No comments:
Post a comment