10rs coin ban

10rs coin ban

In July 2016, some shopkeepers in India were reported to be refusing to accept the ₹ 10 coin entirely, the result of a rumour circulating on social media. [9] [10] It was initially claimed that coins with a 15 notch reverse design lacking the ‘₹’ symbol were fake, compared to the 10 notch version using the symbol introduced in 2011.
The fourth design of the ₹10 coin, minted since 2019, featured the Lion capital, the lettering “सत्यमेव जयते” in the center plug and the lettering “भारत” on left and “INDIA” on right on the outer ring. On the reverse side of the coin is the number 10 below the ₹ currency sign, the year of issue and eight stylized grain stalks. [8]

10rs coin ban
At a time when the Centre is trying to curb fake currency notes by demonetising Rs 500 and Rs 1,000 denomination notes, a rumour has spread across Odisha that Rs 10 coins had been declared invalid by the Reserve Bank of India.
Business | NDTV Profit Team | Thursday February 22, 2018

10rs coin ban
Got lots of Rs 10 coins you couldn’t use?
You could visit a bank and put them in your account, advise banking experts..
Arun, owner of a bakery in Maruthisevanagar, refused to accept a Rs 10 coin. “My vendors and goods auto driver don’t accept it,“ he said. He finds the coins heavy, and difficult to count in large quantities.

10rs coin ban
The Reserve Bank further said that it has issued 14 different designs, and also informed about the disticitve features of the same in various press releases. “As coins have longer life, coins of different designs and shapes circulate in the market at the same time. So far the Reserve Bank has issued ₹ 10 coins in 14 designs and the public has been informed of their distinctive features through Press Releases (list appended). All these coins are legal tender and can be accepted for transactions,” the apex bank noted.
Are you worried about the Rs 10 coin lying around in your pocket, which your neighbourhood vendor has again declined to accept? India’s apex bank RBI may soon give you a personal phone call to inform you that you need not fret. Those coins are still very much a legal tender and perfectly acceptable. Perturbed about the rumours flying on the social media about Rs 10 coins no longer being valid, India’s central bank has taken a novel step to reach out to people to tell them that nothing of the sort is true.

10rs coin ban
People even visited banks to exchange the coins for notes.
Reports have poured in of shopkeepers, kiosks owners and auto rickshaw drivers in and around Delhi returning R10 coins and asking for currency notes after a WhatsApp message, shared widely, claimed the coin was declared invalid by the central bank.