RBI dispels rumours over Rs 10 coins, says they are legal and valid | business-news | Hindustan Times
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RBI dispels rumours over Rs 10 coins, says they are legal and valid

Dispelling confusion, the Reserve Bank of India (RBI) on Sunday said the old Rs 10 coins were still valid as legal tender along with the newer Rs 10 coins without the rupee symbol.

business Updated: Nov 20, 2016 21:11 IST
HT Correspondent
The Reserve Bank of India clarified that both designs of the Rs 10 coin -- one with the rupee symbol and the other without -- were valid.
The Reserve Bank of India clarified that both designs of the Rs 10 coin -- one with the rupee symbol and the other without -- were valid.(HT Photo)

Dispelling confusion, the Reserve Bank of India (RBI) on Sunday said the old Rs 10 coins were still valid as legal tender along with the newer Rs 10 coins without the rupee symbol.

Last week rumours were doing the rounds, largely in places such as Delhi, Noida, UP, Bihar and Kolkata, that the RBI had declared the old Rs 10 coin invalid. Due to this, many shopkeepers, traders, auto drivers, and other merchants stopped accepting the coins.

“As coins remain in circulation for longer periods, it is quite possible that coins of different designs and even shapes are circulating at the same time… Both of them are legal tender and equally good for transactions, though they may look a little different,” the RBI clarified on Sunday.

The RBI further advised public to not believe in ill-informed speculation and “continue to accept these coins as legal tender in all their transactions without any hesitation”.

Coins minted by the Government of India are put into circulation by the RBI. These have distinctive features, and the newer coin designs reflecting various themes -- economic, social and cultural -- are introduced from time to time.

In July 2011, Rs 10 coins were introduced carrying the rupee symbol. However, a more recent design does not have the symbol.

Also read | RBI says those refusing to accept Rs 10 coins may face legal action