Reserve Bank of India (RBI) has said on Wednesday (January 17) that all types of Rs 10 coin are valid and legal tender for transactions amid reluctance by certain traders to accept the coins.
So far 14 design Rs 10 coins released into the Market. All these designed Rs 10 coins will be valid, RBI said.All the 14 design Rs 10 coins come in different size and shapes.
RBI has responded to the problems we are facing on the circulation and acceptance of the Rs 10 coins in the market. There is a lot of suspicion about the 14 designs of Rs 10 coins in the market about their genuineness. So that RBI focused on this situation and made a statement on Wednesday.
The coins have distinctive features which reflect and depicts the economic, social and cultural values. These will be introduced from time to time, said RBI. All these coins are valid and legal tender and can be accepted for transactions.
All the banks were asked by the RBI to accept coins for transactions and exchange at all their branches. Those who disregard the rules will be punished as per the law. In some areas, business traders and shopkeepers are not accepting the Rs 10 coins and it is also a crime.
Last year November 20, 2016, RBI issued a press release to encourage the people to accept Rs 10 coins as legal tender in all their transactions without any hesitation.
RBI had said there are two definite Rs 10 coins one with rupee symbol and another coin without rupee symbol. Looking wise both coins have differences but both coins are legal tender and for transactions.
The doubts and rumours which are circulating in the society create confusion in the minds of the common people. RBI concentrated on this situation and stepping towards to prevent all these doubts and confusions in the society.