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Rs 10 coin fails to get currency

NT NETWORK

Panaji

Although there is no reason for it, but the Rs 10 coin continues to face rejection in the state by consumers and traders alike. 

The coin is still rejected on the suspicion of it being fake and on a variety of other reasons.  

Several complaints have been received by ‘The Navhind Times’ of the difficulty in exchanging the coin for payment of goods and services in the markets and public places.

Residents said that shopkeepers continue to reject the coin, while shopkeepers maintained that customers decline it. 

“I do not accept the Rs 10 coin because it is useless for change,” said a vegetable vendor in the Panaji market, adding that other shopkeepers also refuse to accept the coin.

Inquiries have revealed that the coin is not accepted by auto rickshaw drivers, bus conductors, fruit and vegetable vendors, shopkeepers at the Panaji bus stand and others.

A vendor in the Panaji market said that he refuses to accept the coin because it cannot be deposited in the bank. Moreover, the vendor has a small stockpile to be disposed of first.

The coin is heavy and taking a bagful of it to the bank is difficult, he said, adding that people have doubts on the looks of the coin.

However, Sriprakash Shukla, assistant general manager at the Campal branch of Bank of India, said that there is no problem for the banks in accepting the Rs 10 coin.

“The coin is a legal tender and can be deposited in any bank account,” Shukla explained, adding that there are many misconceptions about the Rs 10 coin.

“The problem is only in Goa and not in other states despite the RBI issuing several clarifications on the validity of the coin,” he emphasised. 

Strangely people’s antipathy is only for the Rs 10 coin and not for Rs 5 coin, although both are equally heavy.

The shopkeepers said the arrival of the Rs 10-note in the market has added to the problem of the coin, as customers are convinced that the coin will be pulled out of circulation soon.

The RBI continues to reiterate on the authenticity of the Rs 10 coin.

On June 2019, a RBI circular appealed to members of the public not to give credence to rumours and accept the Rs 10 coin as a legal tender in all transactions without any hesitation

Hoping to clarify, the circular says, “These coins have distinctive features. Coins in new denominations are to meet transaction needs of public. Coins in new designs reflect various themes – economic, social and cultural – are introduced from time to time. As coins remain in circulation for a longer period, coins of different designs and sizes circulate at the same time.”

The RBI has asked the banks to accept the coin for transaction and exchange.

Presently, coins of 50 paise, Rs 1, Rs 2, Rs 5 and Rs 10 denominations of various sizes, theme and design are in circulation.

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