CURRENT AFFAIRS

Detailed explanation-1: -(b) The banks are required to direct all their branches to accept coins of all denominations tendered at their counters either for exchange or for deposit in accounts. Such coins, particularly lower denominations, may be preferably accepted by weighment.

Detailed explanation-2: -RBI advises the bank to accept the coins of every denomination. For mutilated and damaged notes RBI said the notes so presented shall be accepted, exchanged and adjudicated in accordance with Reserve Bank of India (Note Refund) Rules 2009.

Detailed explanation-3: -(d) None of the bank branches shall refuse to accept small denomination notes and / or coins tendered at their counters.

Detailed explanation-4: -To facilitate the distribution of banknotes and rupee coins, the Reserve Bank has authorised select scheduled banks to establish currency chests. These are storehouses where banknotes and rupee coins are stocked on behalf of the Reserve Bank for distribution to bank branches in their area of operation.