Rs.10 coins pile up as rumours spread on validity

Hyderabad: After demonetisation people are still facing one more hurdle in carrying out cash transaction as traders and public have been rejecting Rs10 coins following rumours on the social media that it is invalid and fake coins were being circulated.

Though the officials of Reserve Bank of India has advised public not to believe in such rumours, that the coins of Rs 10 denomination with and without the rupee symbol are legal and it was not possible for counterfeiters to mint a Rs10 coin. But still the sense of uncertainty persist.

“The cost of minting a Rs 10 coin is around Rs 6.10. Counterfeiters are unlikely to opt for an exercise that will give them so little profit with so much effort. Besides, the RBI has also officially announced that the Rs10 coin will not be withdrawn as legal tender,” said the official.

The official also said. “So far, we haven’t received any complaint on the issue and no banker has noticed any fake Rs 10 coin.”

Adding. “The Rs 10 coin is different from other coins. It is made in a biggish die. The mixture of metal and combination is very complicated to others. It came to our notice earlier that few gangs were melting coins to manufacture other articles like razors and gift articles, and mixture of different metals will stop this.”

M.S. Kumar secretary of Bank Employees Federation said that no banker identified any fake Rs 10 coins.

One of the trader said that due to the confusion over the shape and design of the coins, people are unwilling to accept it.

He said. “The government has to create awareness on the matter. Most of the merchants are accepting Rs 10 notes against coins because of the weight. We can carry 100 currency notes of Rs 10 but not coins.”