2017-06-23 Fri

Several cases have been reported in Karimnagar, Hyderabad where small scale vendors, businessmen and the general public are refusing to accept Rs !0 coins from customers. There are rumours that are floating around which state that Rs. 10 coins are no more valid and are fake. These coins have now coins have piled up at several business establishments.

Rs 10 coins are being offered by banks in each Rs 500 pack for their customers. The customers are sometimes forced to accept them and find it extremely difficult to exchange them. They ultimately have to deposit them back to respective banks especially in Karimnagar district.

Even though the RBI has stated that Rs 10 coins are valid, there is a lack of awareness. Bank officials are encouraging educated people to create awareness among people about the legality of Rs 10 coin. Apart from that, Banks have also taken efforts to educate the public. Some of them are sending out text messages to the public. Apart from that, every bank official at every bank advice their customer that Rs 10 coins are legal tenders.

The RBI had released a statement in November 2016 stating “As coins remain in circulation for longer periods, it is quite possible that coins of different designs and even shapes are circulating at the same time. One such change is introduction of ‘Rupee symbol’ in coins in ‘July 2011’