Are you worried about the Rs 10 coin lying around in your pocket, which your neighbourhood vendor has again declined to accept? India’s apex bank RBI may soon give you a personal phone call to inform you that you need not fret. Those coins are still very much a legal tender
Are you worried about the Rs 10 coin lying around in your pocket, which your neighbourhood vendor has again declined to accept? India’s apex bank RBI may soon give you a personal phone call to inform you that you need not fret. Those coins are still very much a legal tender and perfectly acceptable. Perturbed about the rumours flying on the social media about Rs 10 coins no longer being valid, India’s central bank has taken a novel step to reach out to people to tell them that nothing of the sort is true.
Several people have received SMS messages from RBI that reads: “Coins are available in different designs due to their long life. Accept them without fear…” Interestingly, to clear all confusion for once and for all, the message says to give a missed call to 14440, and instantly expect a call back from the Reserve Bank of India. The central bank then clarifies on the recorded voice message that the Rs 10 coins in issued in 14 designs are all legally valid for transaction.
Reiterating that the Rs 10 coins can be accepted, the automated voice also directs the listeners to the Reserve Bank to India’s site to go through a press release. “It has come to the notice of the Reserve Bank that in certain places there is reluctance on part of traders and members of public to accept ₹ 10 coins due to suspicion about their genuineness,” RBI said in a press release last week.
“It is clarified that the Reserve Bank puts into circulation, the coins minted by mints, which are under the Government of India. These coins have distinctive features to reflect various themes of economic, social and cultural values and are introduced from time to time,” the press release said.
The Reserve Bank further said that it has issued 14 different designs, and also informed about the disticitve features of the same in various press releases. “As coins have longer life, coins of different designs and shapes circulate in the market at the same time. So far the Reserve Bank has issued ₹ 10 coins in 14 designs and the public has been informed of their distinctive features through Press Releases (list appended). All these coins are legal tender and can be accepted for transactions,” the apex bank noted.
Earlier this month, RBI had said that it will shortly issue Rs 10 denomination banknotes in the Mahatma Gandhi (New) Series, bearing signature of Dr. Urjit R. Patel, Governor, Reserve Bank of India. “The new denomination has motif of Sun Temple, Konark on the reverse, depicting the country’s cultural heritage. The base colour of the note is Chocolate Brown. The note has other designs, geometric patterns aligning with the overall colour scheme, both at the obverse and reverse,” RBI said in a press release.