In spite of issuing clarifications by the Reserve Bank of India and Government Ministers, in unambiguous words, a ten-rupee coin is not accepted in Belagavi since it was put into circulation.
Business establishments, small traders, even public transport services decline to accept Rs 10 coins
Rumors of fake coins making rounds prompt businesses to avoid it, despite the RBI clearing the air
In cities like Bengaluru, most hotels and other places now accept the ₹ 10 coins and also the ₹ 20 coins, but in Belagavi no one accepts.
Even banks have not been able to remove the confusion or misconception prevailing among the people. If this is the situation in the capital city of Karnataka, what could be the condition in smaller places in the state, can only be imagined.
To add to the woes of the traders now, none of the banks have been issuing ₹ 10 currency notes.
Today a trader visited 6 banks but all denied saying we have no stock of ₹ 10 currency notes.
None of the banks have the ₹ 10 currency notes but have the Coins which the traders are hesitant to take as none of the customers are accepting.
But as it is a legal tender the traders only will have to start issuing the same as change and hopefully, it will come into better circulation.
RBI reiterates legal tender status of ₹ 10 coins of different designs
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.
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.
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 Reserve Bank has in the past also issued a Press Release (November 20, 2016) requesting members of the public to continue to accept coins of ₹ 10 denomination as legal tender in all their transactions without any hesitation.
The Reserve Bank has also advised banks to accept coins for transactions and exchange at all their branches.