How much can you legally pay in coins in India?

Coin of any denomination not lower than one rupee shall be legal tender for any sum not exceeding one thousand rupees. Fifty paise (half rupee) coin shall be legal tender for any sum not exceeding ten rupees.

Is there a limit on paying in coins?

Amazingly the British Coinage Act (1971) states that 1p and 2p coins are only legal tender up to the value of 20 pence. However, you can use more coins if the person you’re paying is willing to accept them.

Can I deposit 10 RS coin in bank?

Banks are reportedly turning away customers who want to deposit money in Rs 10 coins despite the RBI’s clear instructions to accept them as the coins are legal tender. “If a bank refuses Rs 10 coins, customers can lodge a complaint with the RBI,“ a RBI official said.

No there is no crime to keep antiques coins in India. You need to take permission but as per the Antiquities and Art Treasures Act, 1972‘ deals with Antiques. 2. As per this act any manuscript, coin, sculpture, painting etc which dates back to 100 years and above is an antique.

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How much coin can be deposited in bank?

RBI said the coin can be separated by a polythene sack of Rs. 100 each of the same denomination (i.e.100 coins of Rs. 1 or 50 coins of Rs. 2) submitted to the banks.

What is the maximum limit to accept payment in coins?

Coin of any denomination not lower than one rupee shall be legal tender for any sum not exceeding one thousand rupees. Fifty paise (half rupee) coin shall be legal tender for any sum not exceeding ten rupees.

Is it rude to pay in coins?

If you plan on paying with several dozen coins, yes. If you have one-dollar coins and the rest in change, that would be perfectly fine. I saw a person pay with a couple of hundred pennies, once, just to be a jerk (not at a cafe — it was Walmart). That was certainly rude.

Why is 10 RS coin not accepted?

“Rs 10 coin is Legal Tender issued by the RBI and failure to receive and accept the same is an Offence punishable under Law. … Don’t know why the traders are not accepting the coins. In case people face any issue regarding the same, they can lodge their complaints against commercial establishments at any police station.”

Can a bank refuse to accept coins?

There is no federal statute mandating that a private business, a person, or an organization must accept currency or coins as payment for goods or services. Private businesses are free to develop their own policies on whether to accept cash unless there is a state law that says otherwise.

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What banks pay you for coins?

Consumers can turn in their coins for cash at banks, which will give them their full value. Banks do not charge a fee to their customers when they deposit coins, but many require that the coins be rolled in wrappers. Some banks like Wells Fargo will exchange rolled coins for noncustomers without a fee.

How can I sell my Indian coins?

Step 1: Visit the official website Olx.com which allows the buyers and sellers to trade directly. Step 2: Register yourself as a seller on the website. Step 3: Click and upload a photo of the coin on the website. Step 4: Buyers who are interested will contact you.

Yes, but your business is expected to comply with all U.S. trademark laws and false and deceptive advertising laws.

Can I sell my old coins to the bank?

Office supply stores, Walmart and Amazon sell inexpensive ($30 or less) machines that will sort your coins into rolls for you. Once they are rolled neatly into the coin wrappers, take them to your bank and exchange them at a teller.

How can I convert coins to cash in India?

The RBI Offices, where Issue Department is functioning, offer the facility to members of the public to exchange their notes including soiled and mutilated notes and coins including uncurrent or worn out coins. The Bank is committed to provide exchange facility free of cost at its counters during business hours.

Can coins be deposited in bank?

Banks should not refuse to accept coins of all denominations from customers and any non-compliance may result into penal action, the Reserve Bank said today. … In order to obviate the problems of storage of coins at the branches, coins may be remitted to the currency chests as per the existing procedure, it added.

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How do I deposit a lot of coins?

Take the coins into your bank or credit union’s lobby. Give the rolled coins to the teller to count, along with your deposit slip. Most banks and credit unions will not accept coin deposits via the drive-thru, so you’ll need to go inside to complete the transaction.

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