Author Topic: Buying coins from banks  (Read 175 times)

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Offline vdhinesh79

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Buying coins from banks
« on: December 01, 2018, 12:29:23 PM »
How to get new coins from banks ,i am located in tamilnadu india,should i pay extra money ?

Offline Bimat

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Buying coins from banks
« Reply #1 on: December 01, 2018, 02:05:14 PM »
In India, banks usually do not distribute coins to individuals; unlike Europe or US. RBI does, but there is a limit (the limit is really small, you hardly get a packet or two). Large quantities of coins are distributed to malls, traders, petrol pumps etc. but there is a different mechanism for that.

Aditya
It is our choices...that show what we truly are, far more than our abilities. -Professor Albus Percival Wulfric Brian Dumbledore (J. K. Rowling)

Offline vdhinesh79

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Re: Buying coins from banks
« Reply #2 on: December 01, 2018, 03:06:05 PM »
How many coins does a pocket contain?
Also the limit is for how many months?

Offline Bimat

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Buying coins from banks
« Reply #3 on: December 02, 2018, 06:49:56 AM »
How many coins does a pocket contain?
Also the limit is for how many months?

A packet contains 100 (or is it 50?) coins of given denomination (in India).

I am not sure about the limit. I think they (RBI) take your PAN details when you buy a packet from the counter, so there must be a rule.

Easiest way is to buy packet(s) from dealers. They indeed charge a premium over face value, but there are several other advantages like no limits, you save lot of time (standing in queue at RBI for 3-4 hours is no fun) and you may even get home delivery.

Aditya
It is our choices...that show what we truly are, far more than our abilities. -Professor Albus Percival Wulfric Brian Dumbledore (J. K. Rowling)

Offline vdhinesh79

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Re: Buying coins from banks
« Reply #4 on: December 02, 2018, 09:50:27 AM »
Thanks aditya ji

but still i need to know the procedure for buying coins from rbi

Offline Bimat

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Buying coins from banks
« Reply #5 on: December 02, 2018, 11:54:36 AM »
but still i need to know the procedure for buying coins from rbi

I have never visited RBI for coins, so I don't know if there is any specific procedure for the same.

From what I have heard, you have to stand in queue for few hours, they will tell you which coins are available over counter based on which you decide which ones you want, show them your identity card and that's it. The packet is yours.

IIRC, you can buy only one packet of each denomination at a given time.

Aditya
It is our choices...that show what we truly are, far more than our abilities. -Professor Albus Percival Wulfric Brian Dumbledore (J. K. Rowling)

Offline vdhinesh79

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Re: Buying coins from banks
« Reply #6 on: December 04, 2018, 04:10:01 AM »
What about commemorative coins,should we pay above face value ?

Offline Rabi_R

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Re: Buying coins from banks
« Reply #7 on: December 04, 2018, 05:22:05 AM »
......should we pay above face value ?

Pay to whom? You have to understand one thing very clearly. When you are asking for coins at the bank counter, you are simply asking for exchange of currency notes for coins. You are not "buying" coins. You are not paying any GST.
You buy coins from the mint. In that case, you pay GST.

Offline Bimat

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Buying coins from banks
« Reply #8 on: December 04, 2018, 10:26:01 AM »
What about commemorative coins,should we pay above face value ?

If buying directly from RBI, No. Dealer? Yes. (Your questions says 'should', I would rather say 'do'! ;))

RBI has started having their own stall at Mumbai exhibitions where they offer coin packets/note bundles for face value. I do not however think that they sell packets of commemorative coins.

Aditya
It is our choices...that show what we truly are, far more than our abilities. -Professor Albus Percival Wulfric Brian Dumbledore (J. K. Rowling)