RBI says Rs 10 coin is valid, those refusing to accept may face legal action | business-news | Hindustan Times
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RBI says Rs 10 coin is valid, those refusing to accept may face legal action

The Reserve Bank of India on Tuesday said the Rs 10 coin was very much in circulation and those refusing to accept it could face legal action, setting to rest rumours that the coin was banned.

business Updated: Sep 20, 2016 18:52 IST
Gulam Jeelani
RBI said the Rs 10 coin was very much in circulation and those refusing to accept it could face legal action.
RBI said the Rs 10 coin was very much in circulation and those refusing to accept it could face legal action.

The Reserve Bank of India on Tuesday said the Rs 10 coin was very much in circulation and those refusing to accept it could face legal action, setting to rest rumours that the coin was banned.

Reports have poured in of shopkeepers, kiosks owners and auto rickshaw drivers in and around Delhi returning R10 coins and asking for currency notes after a WhatsApp message, shared widely, claimed the coin was declared invalid by the central bank.

“Nothing of that kind has happened. We have not even thought of it,” RBI spokesperson Alpana Kilawala said. “People should not hesitate in using the coins for transactions as these coins are legal tender.”

Some rumours said counterfeit coins in two designs had flooded the market. The others claimed the RBI had phased out the coins and those in circulation were fake. There was also talk of the gold polish coming off.

“Nobody is accepting R10 coin. They say the coins are fake,” said Vishal, who works at a workshop in Gurgaon. Similar reports have come in from national capital region towns such as Faridabad, Noida and Meerut.

People even visited banks to exchange the coins for notes.

“Passengers do not want the Rs 10 coin. I try to reason with them but to no avail,” said Anurag Yadav, who drives an auto rickshaw in Delhi.

In June, the RBI issued a new R10 coin, six years after it was introduced. Coins are minted at four government mints in Mumbai, Kolkata, Noida and Saifabad and Cherlapally in Hyderabad.