Bhubaneswar, Nov 29: Amidst reports of traders rejecting coins with denominations ranging from 50 paise to Rs 20, the regional office of the Reserve Bank of India (RBI) in Bhubaneswar clarified on Wednesday that these coins are legal tenders for both payments and accounting purposes.
Addressing the media, Sarada Prasanna Mohanty, the Regional Director of RBI, emphasized the importance of dispelling rumors about the ineffectiveness of certain coins and encouraged people to deposit them in banks. He assured that no bank has the authority to refuse coin acceptance from customers.
Mohanty also revealed that the regional RBI office has initiated a campaign to exchange coins, torn, damaged, and soiled notes across all 314 blocks of Odisha. Exchange events, known as "melas," will be conducted in rural marketplaces throughout the state over the next two to three months, commencing in the first or second week of December.