Electronics/Currency coin exchange value.
Do the Banks accept coins of 50 paise, 25 paise, 10 paise etc which cannot be used for transactions now and in exchange give the Banking customer the equivalent value in rupees ?.
If Yes, Will not the Banks Profit and Loss statement or Balance Sheet will be affected by this ?.
Will the Banks use the 50 paise, 25 paise , 10 paise coins for further manufacturing given by the Banking customers?.
If No, Isn't that Since the Banking customer has not recieved in exchange the Rupees from the bank for the 50 paise, 25 paise, 10 paise etc and hence is considered a loss to him/her ?.
Thanks & Regards,
Prashant S Akerkar
Why don't you try the experts in accounting of finance?
I have no interest in this question, sorry to say, although I have a business background, just not in this area of expertise.
If there is an exchange basis for the different monies it would be a conventional matter. Here in the USA we see Canadian money and other foreign coinages all the time. The banks convert their value to US$ and complete their statements and P and L ledgers in one denomination. I have no idea what the accounting practices are in India.