10 rupee coin is banned or not

10 rupee coin is banned or not

10 rupee coin is banned or not
Several people have received SMS messages from RBI that reads: “Coins are available in different designs due to their long life. Accept them without fear…” Interestingly, to clear all confusion for once and for all, the message says to give a missed call to 14440, and instantly expect a call back from the Reserve Bank of India. The central bank then clarifies on the recorded voice message that the Rs 10 coins in issued in 14 designs are all legally valid for transaction.
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This coin is rumored to be a fake one due to chaos on social media. However, the Reserve Bank of India (RBI) issued an official statement to address these rumors declaring that the old the design prior to 2011 is valid and is legal tender. [5]
The Indian 10-rupee coin ( ₹ 10) is a denomination of the Indian rupee. The ₹10 coin is the highest-denomination coin minted in India since its introduction in 2005. The present ₹10 coin in circulation is from the 2019 design. However, the previous ₹10 coins minted before 2019 are also legal tender in India. All ₹10 coins containing with and without the rupee currency sign are legal tender, as stated by the Reserve Bank of India. Along with the standard designs, there are 21 different designs for this denomination and are minted as circulating commemorative coins, this is used alongside the 10 rupee banknote.

10 rupee coin is banned or not
Confusion continues over Rs 10 coins, local shops reject tender
Hyderabad banks in predicament over Rs 10 coins, circulation takes a hit

10 rupee coin is banned or not
“Nothing of that kind has happened. We have not even thought of it,” RBI spokesperson Alpana Kilawala said. “People should not hesitate in using the coins for transactions as these coins are legal tender.”
The Reserve Bank of India on Tuesday said the Rs 10 coin was very much in circulation and those refusing to accept it could face legal action, setting to rest rumours that the coin was banned.

10 rupee coin is banned or not
According to RBI as coins endure in the rotation for a greater period, it is pretty probable that coins of various designs and even shapes are circulating at the same time. One such modification is the introduction of ‘Rupee sign’ in currencies in July 2011. An example of this is the Rs 10 coin with rupee symbol and the same value coin without rupee symbol, it said, adding both of them are legal tender and equally valid for transactions, though they may look a little different. Still, if you find a doubtful coin, don’t panic and approach the nearby bank with the coins instead of verifying with someone or spreading rumors.
In June 2016, as the RBI issued a new version Rs. 10 coins, rumors floated on social media that claimed the newer coins published by the government would be phased out by RBI. Another rumor claimed that fake coins in two designs have crashed into the market. The Reserve Bank of India (RBI) has on a number of occasions has dismissed the rumors of counterfeit currency of Rs. 10 coins in circulation. In September, it RBI issued a statement that stated, “The Rs. 10 coins are very much in circulation and those refusing to accept it could face legal action”. Now RBI has also asked people not to give attention to hearsay and continue to take these coins in all their transactions. “Nothing of that kind has happened. We have not even thought of it; People should not hesitate in using the coins for transactions as these coins are legal tender.” RBI spokesperson Alpana Kilawala said.

References:

http://en.m.wikipedia.org/wiki/Indian_10-rupee_coin
http://m.timesofindia.com/topic/10-rupee-coin/news
http://m.hindustantimes.com/business-news/rs-10-coin-is-valid-use-it-freely-says-rbi/story-NmJSkYK3ALym6uFetlV2SP.html
http://educationbhaskar.com/news/rs-10-coins-fake-banned/4634/
http://en.m.wikipedia.org/wiki/Indian_10-rupee_coin