In India the Fifty paisa coins are: full bodied money, limited legal tender, unlimited legal tender, or legally convertible?
#58934. Asked by vanks. (Aug 21 05 8:56 AM)
Articles say they are legal tender, my guess is unlimited.|
No dearth of coins, says RBI
Tribune News Service
Chandigarh, February 14
The Reserve Bank of India (RBI) has clarified that there is no dearth of coins of any denomination and people should not accept other goods in return for the balance amount due to them, says press note.
It has also reiterated that coins of all denominations are legal tender.
The RBI has come across reports and has also received complaints that traders and shopkeepers are reluctant to return change on grounds of the non-availability of coins, particularly, of 25 and 50 paisa denominations.
The RBI is facing the problem of reverse flow of coins, ie people are returning coins, it says.
The RBI had issued a notification stating refusal to accept currency, whether soiled or petty, as a cognizable offence.