Coins of Rs 10 are being rejected in shops, even in cities like Bengaluru, following rumours that the Reserve Bank of India has declared them invalid as counterfeit coins of this denomination have flooded the market.
This reporter, who ordered a tea at Nandini Milk Booth near Orion Mall in Bengaluru, had an embarrassing experience. The shopkeeper rejected the Rs 10 coin that I gave him, saying that was invalid. ''I won't mind even if you do not pay me. But please take Rs 10 coin back,'' he said.
After that incident, I had several cups of coffee last week to check how rampant the coin problem is. It was found that Rs 10 coins were not accepted in many places including in hotels and markets. In some places, the vendors budged after we reasoned with them.
RBI has made it clear, time and again, that Rs 10 coins—even the ones without the rupee symbol—are valid. It has also warned that those refusing to accept Rs 10 coins could face legal action. Alpana Killiwalla, principal adviser, RBI has urged people to ''continue to accept these coins as legal tender in all their transactions without any hesitation.''
Meanwhile, there are reports that counterfeit Rs 10 coins from Bangladesh are in circulation in states like West Bengal.
