Rumours lead to stop in transactions of Rs 10 coins

FARIDABAD: The people of this town have been confused for the past two weeks about whether Rs 10 coin is legitimate.

While some shopkeepers are accepting it, others are rejecting it outright. That’s because of a rumour circulated by some people on social media that the Reserve Bank of India (RBI) has declared the Rs 10 coin invalid.

“The rumour that is being circulated is wrong, the RBI has not issued any guidelines regarding the banning of the Rs 10 coin and any person who refuses to accept a legal form of money can be booked under Section 489A to 489E of the IPC,” said A K Ahuja, assistant manager of the Neelam Chowk branch of SBI.

“Every now and then, we receive around 50 bags of Rs 10 coins containing 2,000 coins from the RBI, which proves that the coins are not invalid,” he further added.

In some areas of the city, vendors and shopkeepers are accepting the coin, but in Tigaon and Old Faridabad it is being rejected.

“I have more than 100 coins of Rs 10 denomination and no customer is willing to take it. They say that it is banned. If that is true, then I will incur a huge loss,” said a tea seller from Old Faridabad.

Pankaj Saxena, lead district manager for banks in Agra, said, “There is no such move by the RBI to withdraw Rs 10 coins, and an FIR could be registered against a person for refusing a legal form of money. I have come across this rumour which is doing the rounds. Bank officials have been asked to spread awareness among people and tell them not to panic.”

Saxena added that as there was no written complaint against anyone yet, no action can be taken except for ignoring such rumours.

However, he clarified that if someone does turn up with coins and seeks to exchange them at babnks, it cannot be refused by the latter. “But there is no such need for this as there is no announcement of withdrawal of the coins,” he added.

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