10 Rupee coins?:: Silcharians : “No no we don't use that here!”

Mar 18, 2021 - 21:45
10 Rupee coins?:: Silcharians : “No no we don't use that here!”

The Reserve Bank of India, the only authorized institution to mint currencies in India, started producing 10 Rupee coins back in 2005 and since then over 16 variations of 10 Rupee coin has been circulating in the market.

But we are all aware of the fact that, the earlier versions of 1,2 and 5 Rupee coins were indeed accepted and widely used in Silchar and everywhere else. Even now old denominations of these coins are in use, but not 10 Rupee coins.

So, why the latest denomination of ₹10 coins is not being accepted neither by the public nor by govt. regulated official institutions?

Officials of the bank say that when the demonetization took place in November 2016, the 10 Rupee coins were extensively placed in the market. And when the coins were to be deposited back in the banks, the bank staff used to refuse to take it.

Bank employees argued that the notes would be counted by the machine, but who would count the thousands of coins. And it's not a surprise that in most of the banks, there is a shortage of employees in the bank, so counting a customer's coins will take up a lot of time and thus a long queue of customers will be formed on the counter.

And the public, when educated elite sections of society refused to accept ₹10 coins for exchanges, the local vendors and auto rickshaw drivers followed suit and stopped accepting the new ₹10 rupee coins.

The Reserve Bank spokesman says that all the coins issued have been issued under the rules of the Reserve Bank of India.

That's why all coins are valid and legal. If any person or bank refuses to accept it then the information should be given to the police, doing so is a crime.

For instance, small scale traders like a few eateries and kirana shops in Bengaluru, took up the initiative to bring ₹10 coins back in circulation in the market.

So, what they did was, telling their customers that they will not only accept 10-rupee coins but will also give them a 10 per cent discount, if they pay with 10-rupee coins.

And how amazing is that? With that strategy a lot of customers not only paid with ₹10 coins but managed to save a few extra bucks and in turn regulating the use of these coins, that were earlier sitting idle in the chest of bank drawers.

Have you faced similar situations where a person refused to accept ₹10 coins?

Are you worried that your ₹10 coins worth thousands or hundreds will go to waste?

Here's what you can do, You could visit a bank and put them in your account, or consult banking experts.

Also, Under the Coinage Act 2011, an individual can file a complaint if someone refuses to accept the legal tender.

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