Even as allegations are being raised that traders and markets refuse to accept coins of lower denominations ranging from 50 paise to Rs 20, the Reserve Bank of India will launch a coin exchange drive in rural areas. The exchange programme will be implemented in all 314 blocks of Odisha in the next three months.
Speaking to the media in Bhubaneswar on Wednesday, Regional Director of the RBI, Sarada Prasanna Mohanty said, "We have a plan to facilitate people to exchange their coins, and soiled, and mutilated currency notes during the exchange drive which will be launched in next two or three months.”
Mohanty also stated that coins of different denominations ranging from 50 paise to Rs 20 are legal tenders and are exchangeable. “People should not believe rumours about the ineffectiveness of some coins. Hence, there is a need for more sensitization in this regard. People can even deposit their coins in banks. And no bank can refuse to accept coins from their customers,” he added.
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The RBI regional director also said that in case banks refuse to take coins, people can lodge their complaints in this regard at the Lokapal of the RBI, and action will be taken against the banks.
The measure has reportedly come following a huge rush of people from various parts of Odisha thronging the RBI Bhubaneswar branch every day to exchange Rs 2,000 notes, soiled, and torn notes, and coins.