Rumours of Rs 10 coin ban trigger panic in Ludhiana | punjab$ludhiana | Hindustan Times
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Rumours of Rs 10 coin ban trigger panic in Ludhiana

Residents in many parts of the city faced tough times in the wake of rumours that Rs 10 coins have been banned, creating panic in the markets which were already facing a brunt due to demonetisation of Rs 500 and Rs 1,000 banknotes.

punjab Updated: Nov 17, 2016 19:21 IST
HT Correspondent
Ludhiana

Residents in many parts of the city faced tough times in the wake of rumours that Rs 10 coins have been banned, creating panic in the markets which were already facing a brunt due to demonetisation of Rs 500 and Rs 1,000 banknotes.

In many parts of the city, shopkeepers refused to accept Rs 10 coins claiming that these were banned by the central government. Reports of non-acceptance of coins poured in on Wednesday from markets in Sarabha Nagar, Mall Road, Model Town and Rajguru Nagar, among other localities of the city.

Mostly the coins were refused by roadside vendors who have to accept low denomination currency, especially for food snacks. The vendors in many areas told the buyers that the Reserve Bank of India (RBI) has banned Rs 10 coins as there was heavy circulation of fake currency.

Narendra Kumar, who works in a private company at Mall Road, said that he was asked by a colleague to bring sandwich costing Rs 20. “When I went to the shop and asked for a sandwich and gave two coins of Rs 10, the vendor refused to take the coins and said that I should give him banknotes,”said Kumar.

He said the situation has become grim during the last two to three days, ever since the rumours of fake Rs 10 coins began circulating.

Even as the RBI said that the Rs 10 coin is in circulation and a person refusing to accept it can face legal action, still the shopkeepers hesitate to accept the coins.

Even the auto-rickshaw drivers reportedly refused to accept Rs 10 coin in many areas. Shruti Sharma, who works in a bank at Feroze Gandhi Market, said she came to the area in three-wheeler from BRS Nagar and gave Rs 10 coin to the driver who refused to accept it. “The driver told me that the coin will not work anywhere so I should give him banknote instead,”said Sharma.