All 14 Varieties Of Rs 10 Coin Are Legal Tenders; No One Can Reject Them – RBI
There have been many instances when shopkeepers or service providers have refused to accept the Rs 10 coins fearing it to be counterfeit.
Rs 10 coin was first introduced in 2005 – Since then, it has been the highest denomination of coin minted and used in India.
However, due to several changes in the design of this coin, which have been made since 2005 till now, there exists a strange confusion regarding its usage, across India.
I have myself faced inconvenience due to this confusion, as several times traders and shoppers refused to accept the coin.
We will soon share such instance pan-India, wherein consumers had to face hassles and inconvenience due to this.
Reserve Bank of India or RBI has made clear that all 14 versions of Rs 10 coins, which are in circulation right now, are valid and legal tenders, and have indirectly instructed all traders and shoppers not to refuse them.
RBI: All 14 Designs of Rs 10 Coin Are Legal
The issue regarding Rs 10 coin has certainly escalated in the last few months, as in some parts of the nation, traders and shopkeepers are refusing to accept any version.
Confusion and ignorance are the keywords here.
In a statement, RBI has dismissed all such confusions, as they said,
“So far the Reserve Bank has issued Rs 10 coin in 14 designs…All these coins are legal tender and can be accepted for transactions..”
Acknowledging the fact that public at large is facing inconvenience due to this issue, RBI said,
“It has come to the notice of the Reserve Bank that in certain places there is reluctance on part of traders and members of public to accept Rs 10 coins due to suspicion about their genuineness,”
Primarily, the confusion started picking up when rumours started floating in 2016 regarding fake Rs 10 coins.
And, after 2005, there are at least 3 different versions of Rs 10 being used.
Both these factors added up, and shopkeepers and traders started flatly refusing to accept any Rs 10 coin.
Inconvenience Due To Confusion Regarding Rs 10 Coins
Earlier this month, reports emerged that shopkeepers in Itanagar, Arunachal Pradesh have stopped accepting Rs 10 coins.
One resident said, “It is an unexplainable reason, the shopkeepers are not accepting ten-rupee coins and I don’t know why!”.
RBI was baffled.
In West Bengal’s Durgapur district, the issue with Rs 10 coin become so violent, that a video regarding the same became viral, and a probe had to be initiated by police.
In Kolkata, due to the reluctance of shop-keepers to accept Rs 10 coin, entire cake and bakery industry suffered, and sales went down.
Now, after RBI’s clarification regarding the issue, the situation will improve.
Do let us know if any shopkeeper or trader in your location refuses to accept Rs 10 coin!