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.

Source:: The Navhind Times

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