India’s 10-rupee coin faces resistance in circulation
- Published: Feb 26, 2018, 4 AM
India’s 10-rupee coin has a face value equivalent to about 15 cents U.S., but consumers and businesses are treating it as if it were worthless.
The Reserve Bank of India on Jan. 17 issued another alert informing residents that the 10-rupee coin should be accepted in commerce.
“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 [rupee] coins due to suspicion about their genuineness. ... All these coins are legal tender and can be accepted for transactions,” according to the announcement.
Fourteen different 10-rupee coin designs are in circulation in India. The variety of designs may be the cause of some confusion as to what remains legal tender, but the bank noted that it has announced all the coins (which have been released since 2009) at its website.
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“These coins have distinctive features to reflect various themes of economic, social and cultural values and are introduced from time to time,” the bank said. “As coins have longer life, coins of different designs and shapes circulate in the market at the same time.” The RBI launched a text message campaign to boost faith in the coins, according to the British Broadcasting Network.
This is the second admonishment from the bank since November 2016, when a similar announcement was issued, saying: “It has been reported that some less-informed or uninformed persons who suspect the genuineness of such coins are creating doubts in the minds of ordinary people including traders, shop-keepers, etc., impeding the circulation of these coins in certain pockets of the country causing avoidable confusion. The Reserve Bank has advised members of the public not to give credence to such ill-informed notions and ignore them and continue to accept these coins as legal tender in all their transactions without any hesitation.”
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