Ten-rupee coins continue to be rejected in the city despite repeated communication from the Reserve Bank of India confirming their validity.
The coins are being rejected by people ranging from small vendors to big establishments. Reasons given include concerns of fake currency, notwithstanding the RBI’s communications.
“We have been instructed not to accept the ₹10 coin by our management,” said an employee of the company-operated Indian Oil petrol station near the Begumpet Airport. Small vendors insist that payments be made in other ways.
The ₹10 coin with bi-metallic rings was introduced more than a decade ago; the inner ring has a stainless appearance while the outer ring has a bronze appearance.
The RBI has spelt out differences in coins, stating that before the introduction of the rupee symbol in 2011, coins minted varied in appearance.
Help for customers
However, where ₹10 coin is being accepted, older coin is suspected to be fake. A few establishments have even put up notices to help consumers distinguish between real and ‘fake’ coins.
At a franchisee petrol station in Habsiguda, the management has put up notices showing coins without the rupee symbol (₹) and the digits not being intersected by an inner circle, as fake.
However, the management is not refusing customers paying with ‘fake’ coins.
“When customers do not have other currency, we have to take it as we cannot expect them to leave their vehicles to fetch money. We receive around ₹4,000 in ₹10 coins everyday,” said a senior employee at the station while showing a bag full of coins. “We were told by our bank that we need to wait to be able to deposit these coins.”
Given the cash crunch in banks, the refusal to accept ₹10 coin is hitting people hard.
“There is cash shortage across the city. Where some cash is available, it is in high denomination notes. Due to the confusion over ₹10 coin, payments for small value transactions have become difficult to make,” said V. Satyanarayana, a retired teacher from Tarnaka.
