Rajasthan: Bank issues 50 paise notice, refuses to deposit later

A public bank in Jhunjhunu district, Rajasthan issued a notice for 50 paise and then refused to deposit the same, said Jitendra Singh, the recipient of the notice. 

A public bank in Khetri, Jhunjhunu district, had allegedly pasted a notice on Jitendra Singh’s door at night for 50 paise that was due, threatening legal action. Singh was unable to make it to the Lok-Adalat in Khetri for the payment of dues because of his spinal injury. 

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In the wake of his son’s injury, Vinod Singh had gone there on Jitendra’s behalf but the bank officials allegedly refused to deposit the money.

Vinod Singh said, “My son Jitendra Singh’s backbone is fractured. He could not come here to deposit the money, hence I came here. However, the bank officials refused to deposit the money and ran from here.” Jitendra is on bedrest since the last one and a half year. 

Jitendra Singh said that he will sue the bank. Vikaram Singh, a lawyer, said, “The bank officials have sent a notice for 50 paise. My client came to deposit the same to get a No Objection Certificate (NOC) from the bank. However, they refused to deposit it. We will take legal action against them.”

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50 paise are legal tender

In a statement issued by the Reserve Bank of India (RBI), it was said that all coins of denominations 50 paise and above are legal tenders, regardless of the design and should be accepted. The statement instructed the banks to accept coins and in the case of non-compliance, action will be taken against the concerned banks.

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Many banks are refusing to accept the coins.

As per the released RBI statement, It is said that “The Reserve Bank of India has separately reiterated its instructions to banks to accept coins for transactions and exchange at all their branches as advised in the Master Circular – Facility for Exchange of Notes and Coins dated July 02, 2018, and updated as on January 14, 2019. 

The Circular mandates the banks to accept notes and coins either for transaction or exchange and that the coins of denomination 25 and below are ceased to be a legal tender. 

(with inputs from ANI)

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