After 1000, 500 Notes, Rs.10 Coin Lost Value Despite RBI Clarification

The Reserve Bank of India said refusal of Rs.10 coin as tender is very much legal and the absence of the rupee ₹ symbol should not deter people from accepting the same as old coins are still in circulation. But nobody is convinced and the coin is still refused in many transactions across the country due to fears that it would have met the same fate as Rs.1000 and Rs.500 notes.

People are facing refusal by auto drivers, traders, shop-keepers, and kirana merchants saying they do not accept Rs.10 coins without giving any reason. In southern states of Karnataka, Telangana and Andhra Pradesh, the refusal of Rs.10 coin has become rampant affecting even the meagre cash transactions, which are already in the negative list of the centre.

The Reserve Bank of India has, however, advised members of the public not to believe in such rumours and accept all the Rs.10 coins, whether old or new as they are still a legal tender in the country.

The Reserve Bank said every time new coins are minted with a different theme and design but old coins should not be denied for want of the rupee symbol ₹, which was introduced only in July 2011. But all the coins with or without ₹ symbol should be accepted. It did not specify the punishment or recourse if the coins are rejected by traders or even some banks.

After the demonetisation crisis, people are afraid of abrupt cancellation of any currency or coin in India and Rs.10 coin is the latest victim and small traders who have accepted it in the past are ruing now as banks have openly defied the RBI advisory to accept the coins. With banks not willing to exchange, traders not willing to accept and the government remaining silent, Indian poorer sections are the worst hit as usual.

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