Author Topic: Definition of currency  (Read 1063 times)

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Offline Rabi_R

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Definition of currency
« on: October 28, 2018, 02:51:42 PM »
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« Last Edit: October 30, 2018, 07:29:35 PM by Rabi_R »

Offline Pabitra

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Re: Definition of currency
« Reply #1 on: October 29, 2018, 01:43:13 AM »
PS - Your "friend" cannot send you pound coins by post, that's outright illegal.

Could you kindly elaborate as to what is illegal?
Sending coins by post or friend sending coins from one country to another?

Offline Rabi_R

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Re: Definition of currency
« Reply #2 on: October 29, 2018, 03:08:07 AM »

Sending coins by post or friend sending coins from one country to another?

Coin is a much generalised term. When you specifically said pound in your earlier comment, you meant currency. Sending currency by post is illegal, and all members of UPU have this rule. There is no issue in sending coins that are not currency.

Offline asm

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Re: Definition of currency
« Reply #3 on: October 29, 2018, 05:52:10 AM »
Coin is a much generalised term. When you specifically said pound in your earlier comment, you meant currency. Sending currency by post is illegal, and all members of UPU have this rule. There is no issue in sending coins that are not currency.

Indian mints use speed post to send coins (UNC & Proof sets) ............ Is that then not illegal?

Amit
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Offline Rabi_R

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Re: Definition of currency
« Reply #4 on: October 29, 2018, 06:18:13 AM »
Indian mints use speed post to send coins (UNC & Proof sets) ............ Is that then not illegal?

Amit

No. A coin becomes currency once it is routed through RBI.

Offline asm

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Re: Definition of currency
« Reply #5 on: October 29, 2018, 08:53:28 AM »
No. A coin becomes currency once it is routed through RBI.

In that case, how can one differentiate if the coin that I have is routed through the RBI or not. I do not think there are any special markings done by the RBI.

Amit
"It Is Better To Light A Candle Than To Curse The Darkness"

Offline Rabi_R

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Re: Definition of currency
« Reply #6 on: October 29, 2018, 09:07:24 AM »
Absolutely. There is no physical difference. But the coin that comes to you in set from mint is not currency.

Offline Pabitra

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Re: Definition of currency
« Reply #7 on: October 29, 2018, 05:14:47 PM »
Sending currency by post is illegal, and all members of UPU have this rule. There is no issue in sending coins that are not currency.
Obviously when the currency is being sent, it may be legal tender in country of origin. The destination country will not consider it as currency.

Also, if the duty was imposed it means that the import was valid though undervalued. In case, if legal tender of any country is being considered then I do not think the front edge employees of customs department have the expertise to judge coins of all nations. Even seasoned numismatists will fail there.

You picked up 1 Pound coins as currency. Except for bimetallic pound coins, issued since 2016, all other one pounds are no longer legal tender and hence not valid currency.

Offline Rabi_R

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Re: Definition of currency
« Reply #8 on: October 29, 2018, 05:23:09 PM »
Obviously when the currency is being sent, it may be legal tender in country of origin. The destination country will not consider it as currency.



So i start stacking dollars in my vault from today. When i get booked under FEMA, i argue that i am outside US territory and these notes are not to be considered currency.

Sorry, this is a fallacious argument

Offline velind

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Re: Definition of currency
« Reply #9 on: October 30, 2018, 10:44:45 AM »
I think the OP has not understood the matter.

In the first photograph, we see the parcel tied with a jute rope. This means it was, in all probability, opened at customs office. Customs has assessed the content and have concluded that it is worth 24 USD. We see the date of assessment as 22/10/18 and the signature of assessing officer is visible. We also see customs have concluded this parcel is not a gift.

It is to be remembered whatever be the declared value of a parcel, customs is under no obligation to accept that. Also, if a parcel marked as gift has been sent by a foreign citizen ( perhaps not even of Indian origin) and whom customs found out to be a numismatics dealer, may not be considered gift. Which has happened in this case.

The contents of the package were 8 50p Coins (Beatrix Potter 2016 circulation coins)

And these were consolation prize of the 2017 WoC Quiz.

Offline Rabi_R

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Re: Definition of currency
« Reply #10 on: October 30, 2018, 02:06:59 PM »
That's indeed strange. The quiz was closed on 31st December. Some of the participants received their prizes by Jan, Feb and March. Your's arrived at customs in October.


Offline Overlord

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Re: Definition of currency
« Reply #11 on: October 30, 2018, 02:55:56 PM »
The highest IGST I have been charged was 3150 on a couple of common, relatively inexpensive coins; the total duty on that packet being 4450. The only time I recieved a letter from customs asking me to provide a letter stating intended use and value was for a packet containing some 200 post-1950 US pennies (they ended up charging 2000+ for that too). By contrast, there was no duty charged on some bulky items where I expectd to pay, like uncleaned Roman coin lots,  a brand new Harris Tweed blazer that arrived today, or the bulky coin storage boxes that shipped from Germany. In my experience, there seems no reliable way to predict if you will be charged duty on a particular item as well as the amount thereof.

Offline Bimat

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Re: Definition of currency
« Reply #12 on: October 30, 2018, 03:03:43 PM »
The contents of the package were 8 50p Coins (Beatrix Potter 2016 circulation coins)

And these were consolation prize of the 2017 WoC Quiz.

If that's indeed the case, then there is no reason to 'fix' the value of contents as $24, whether it was a gift or not. However, logic with customs does not work like that, I have paid ₹1000 custom duty for 4-5 Russian 10 Ruble bimetallic coins, only reason being they were shiny and arrived from an uncommon country (Estonia).

Aditya

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Offline Pabitra

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Re: Definition of currency
« Reply #13 on: October 30, 2018, 05:22:02 PM »
So i start stacking dollars in my vault from today. When i get booked under FEMA, i argue that i am outside US territory and these notes are not to be considered currency.

Sorry, this is a fallacious argument

There is significant difference between coins, no longer legal tender in their own country of issue and dollar notes stacked.
Incidentally, in USA, all coins and notes, ever issued as legal tender, is still a legal tender.
Each country has its own rules.
In India, all coins issued since its issue of decimal currency,, remained legal tender till 2011.
The  1, 2, 3, 5, 10 and 25 paise were legal tender though every one ( including banks ) refused to accept them till 2010 but melting them was a crime since they were legal tender.
Coinage Act introduced the concept of coins no longer legal tender.

Should you wish to stack notes, try Saudi Arabian Rials or Emirati Dirhams since they are pegged to USD and are safe as long as cars are driven by petrol😃

Offline Rabi_R

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Re: Definition of currency
« Reply #14 on: October 30, 2018, 06:56:36 PM »
There is significant difference between coins, no longer legal tender in their own country of issue and dollar notes stacked.


Response was for this statement -

Obviously when the currency is being sent, it may be legal tender in country of origin. The destination country will not consider it as currency.

This is a general statement without any reference to specific currency.