Legal Tender |
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Jun 3rd, 2008, 18:55
| #1 |
| Member  Join Date: Sep 2006 Location: Indiana
Posts: 63
| Legal Tender Are old style paper Indian Rupees (the pre-Gandhi-three lions version paper money) still accepted as legal tender? Or was their status as Legal Tender revoked with the issuance of the new currancy? |
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Jun 3rd, 2008, 22:39
| #2 |
| Member Join Date: Sep 2006 Location: Indiana
Posts: 63
| Let me try this another way...If I buy something in New Delhi (after proper haggeling) and the merchant gives me a RS50 or RS100 note of the old style (three Lions) in change, will the next merchant refuse to accept that note for payment of my next transaction? Or is the Gandhi currency the only offical currency? |
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Jun 4th, 2008, 00:23
| #3 |
| Maha Guru Member  Join Date: Sep 2001 Location: Land that shakes and bakes.
Posts: 6,342
| Haven't heard such a revokation. If its in excellent condition you may be able to sell it on Ebay.. |
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Jun 4th, 2008, 00:36
| #4 |
| Member Join Date: Sep 2006 Location: Indiana
Posts: 63
| I'm sorry, I thought this was a simple enough question. Is the old pre-Gandhi currency still accepted, or, if someone tries to palm it off to me in change, should I insist on the new currency? Those of you living in India should be able to say whether this currency is still used. |
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Jun 4th, 2008, 01:20
| #5 | |
| This is just a cameo appearance  Join Date: Oct 2004 Location: Chennai, India
Posts: 38,260
| Can't say I've noticed any old notes for a long time; I have a vague memory of the design you speak of. The RBI says: (Link) Quote:
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Jun 4th, 2008, 01:29
| #6 |
| Infidel Sufi  Join Date: Sep 2005 Location: styx
Posts: 14,221
| I am quite sure the old series wasnt revoked or demonitised, but you don't see them much now at all. In effect, some shopkeepers etc will refuse to take them, I guess. You could always go to a bank and exchange, provided what I think is true actually is.
__________________ When I look up, I see people cashing in. I don't see heaven, or saints or angels. I see people cashing in on every decent impulse and human tragedy. -Heller, Catch-22 |
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Jun 4th, 2008, 01:40
| #7 |
| Member Join Date: Sep 2006 Location: Indiana
Posts: 63
| Thanks Nick. The link was helpful. The "Ashoka Pillar" notes appear to still be legal tender. Thanks Capt! Last edited by brownboy66; Jun 4th, 2008 at 02:00.. Reason: merged sequential posts |
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Jun 4th, 2008, 01:43
| #8 |
| This is just a cameo appearance Join Date: Oct 2004 Location: Chennai, India
Posts: 38,260
| You can always refuse old-looking or torn notes; some shopkeepers will. The thing with legal tender, is what to do when people refuse? Many shops in UK refuse to accept fifty-pound notes (and one can understand why), but what to do? Call a policeman? Hmmm... I doubt that there has ever been any legal justification for the Indian distinction between notes with holes in them (OK) and notes whith tears that reach the edge (Not OK) --- but torn notes are resolutely refused. Banks do not seem to staple wads of notes these days, as a consequence of which they are generally in better condition, and last longer. If I found an old note, I'd keep it as a memento. I have a Rs2 note, in good condition that I was given in change. One does not see them very often. |
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