Reserve Bank of India assurances fail to allay fears regarding Rs 10 coins

Bengaluru: Despite numerous assurances from Reserve Bank of India (RBI), there are hardly any takers for Rs 10 coins. Shopkeepers and bus conductors are wary of accepting them.

Skimming through his money bag and issuing tickets, Gundanna, a conductor in Bangalore Metropolitan Transport Corporation (BMTC) bus, avoids accepting Rs 10 coins, claiming that they are not valid.

“We always run out of change and have to get the change at the depot. There are different types of new notes as far as I know, but the Rs 10 coin is something different, and I haven’t seen much of it. So to be on the safe side I don’t accept them,” he added.

Imran Khan, a shopkeeper in the Majestic area, said, “There was a rumour for some time that Rs 10 coins are invalid. After demonetization, new notes were introduced and we had to start accepting them. We are not sure whether Rs 10 coins are valid, but it’s better not to accept them to avoid unnecessary confusion.” Another shopkeeper in the Majestic market wondered why they should accept Rs 10 coin, when Rs 10 currency notes are still in circulation.

RBI assurances
Earlier on January 17, the RBI had issued a press release to allay the fears of the public. It stated that Rs 10 coins have been issued in 14 different designs and they are legal and valid tenders for transactions.The statement said, “It has come to the notice of Reserve Bank that in certain places there is reluctance on part of traders and members of the public to accept Rs 10 coins, due to suspicion about their genuineness.”

The release asserted, “So far the Reserve Bank has issued Rs 10 coins in 14 designs. The public has been informed of their distinctive features. All these coins are legal tender and can be accepted for transactions.” The coins have various themes designed on social, economic and cultural events and been put up on the RBI website. A Syndicate Bank Manager said, “The notification is not new and we have been accepting it since then. Rs 10 coin has always been legal as per RBI rule.” If the retailers have doubts about the coin then they should check the RBI website, he added.

In its latest effort to allay confusion, RBI has also started sending bulk SMS to people to create awareness about the validity of Rs 10 coin. The text message stated, “Rs 10 coins have been issued with both, 10 and 15 radiating lines. Both are valid. Accept them without fear.”