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Showing posts from October 1, 2019

New 1 Rupee small coin acceptability issue in West Bengal

There has been an issue in  West Bengal w.r.t rejection of new 1 rupee coin rather than denying the legality of it since demonetization. Small Vendors and even beggars are rejecting new 1 rupee coin on grounds that it wont be accepted for their chain payment. Recently a fruit vendor at a local train did not just rejected but threw the coin via window of the local train stating "yeh chota naya sikka ka koi value nai hai" and yesterday a  Tea vendor near Esplande,Kolkata offered me the tea and took it back as I gave him few 1 rupee new coin and this has been the scenario of daily life in West Bengal. During June,2017 RBI official attributed to the problem on reluctance on some branch of banks to accept 1 rupee new coin due to storage constraint and the RBI official even explained "There is a provision for  accepting Rs 1000 in coins by bank and after that they can refuse"(Source PTI). As per RBI rules those who refuse to accept legal tender money will be liable f