Where have Rs 10 coins gone?
More than a year after its launch and amid Reserve Bank's claim that it had circulated 8 crore pieces of the ten-rupee coin, one wonders where the currency is?
More than a year after its launch and amid Reserve Bank's claim that it had circulated 8 crore pieces of the ten-rupee coin, one wonders where the currency is?
Launched with much fanfare as an alternative to paper currency, the 8-gm coin with golden rim is hard to find in the market place.
Experts have different opinions on the matter. While some say that since the dual-metal coin resembles the euro, people often keep it as a souvenir, others are of the view that Rs 10-coins becoming popular is just a matter of time.
Canara Bank's senior official Raj Kumar said: "The (Rs 10) coins have not become popular as people prefer to carry the note which is available in abundance." He added that the demand of Re 1 and Rs 2 coins is more as the currency notes of the same value are either not available or if available are in a poor condition. "Similar is the case with Rs 5 coins," Kumar said.
When contacted, an RBI official said that there is enough supply of Rs 10 coins in the market. Like other coins, with time it will become popular too.