Confusion prevailed in Mysuru as most traders and shopkeepers did not accept ₹10 coins despite the Reserve Bank of India (RBI) rubbishing rumours over the coins and clarifying recently that it was legal tender.
Rumours have been doing the rounds recently that ₹ 10 coins are ‘invalid’ and that ‘counterfeit’ coins are in circulation.
Such rumour first surfaced in other parts of the country during the beginning of this year after the demonetisation move.
RBI had clarified that the ₹10 coins continue to be legal tender and urged the people not to listen to unfounded claims.
Rejection of these coins by traders had, on many occasions, triggered arguments with customers.
Some traders simply refused to acknowledge the coins for the reason that others don’t take it from them.
A customer picked up an argument with an attendant at a petrol pump in Kuvempunagar here recently when he refused to accept five ₹10 coins after refuelling his scooter.
He had to give a ₹50 note.
Mysuru District Lead Bank Manager K.N. Shivalingaiah told The Hindu that there was still confusion in the minds of people over the coin despite the RBI’s assurances.
“It’s almost impossible to counterfeit these coins since the expenses involved for its minting was more than its denomination. Moreover, it is made of multiple metals. I really don’t understand why people are still uncertain even after the clarification,” Mr. Shivalingaiah said.
Some shopkeepers are still in dilemma. “We are aware of the RBI’s statement but then how will I convince my customers when they refuse to accept the coin. I can still accept the coins but what will I do with them when my customers turn them down,” asked Purushottam, who runs a grocery shop in R.K. Nagar.
The grocer added that he cannot continue to keep the coins when people are wary of taking it from them and circulating them elsewhere. “Such coins are now piling up.” Another issue is that people are going to banks seeking exchange for the coins citing rumours.
“It’s okay if people give a few coins with other legal tender for payments to banks. But exchange of large number of such coins for no reason was unreasonable since the coins had been released for circulation,” a banker added.
