Daijiworld Media Network - Bengaluru
Bengaluru, Oct 24: In a proactive effort to combat misinformation and protect consumer rights, the Reserve Bank of India (RBI) has clarified the status of Rs 10 coins. Recently, these coins have faced unwarranted rejection by merchants in various regions, coinciding with the rise in digital transactions and the gradual disappearance of Rs 10 notes.
The RBI's intervention comes as many individuals grapple with the misconception that these coins are no longer valid, causing frustration for consumers trying to use them for everyday transactions. Despite being legal tender, traders in Karnataka, Telangana, and Andhra Pradesh among a few others have hesitated to accept Rs 10 coins, citing misinformation as their reason. This has led to significant inconvenience for shoppers who find themselves unable to make purchases or receive change.
The Reserve Bank of India has reiterated that Rs 10 coins are legal tender, regardless of whether they bear the rupee currency sign. This means that merchants and service providers are obligated to accept these coins in all transactions. If merchants refuse to accept Rs 10 coins, they may face legal action as stipulated by the RBI. Consumers are encouraged to report instances of refusal, and the RBI has launched awareness campaigns to educate both the public and merchants about the validity of these coins. This could lead to inspections or other measures to ensure compliance with the law.
Meanwhile, authorities from KSRTC and BMTC have insisted that conductors accept Rs 10 coins as valid currency. This directive aims to ensure that passengers can use these coins without issues, promoting acceptance in public transport and alleviating confusion among commuters.
Recognising the growing concern, the RBI has launched a public awareness campaign aimed at educating both the public and traders about the legitimacy of Rs 10 coins. This campaign began last week, mobilising selected banks to engage with merchants and consumers alike.
Union Bank of India's branch manager, Bishwanath Bai, emphasised the importance of this initiative, stating, “The notion that Rs 10 coins are not valid is a myth. Anyone refusing to accept them may face legal action.” His remarks underscore the RBI's commitment to ensuring consumers can confidently use their Rs 10 coins without fear of rejection.
The RBI also reminded the public that while the design of Rs 10 coins may change periodically, they remain legal tender and should be accepted by all merchants. Consumers are encouraged to visit RBI branches for any necessary exchanges or to resolve issues regarding these coins.
As the RBI works to dispel myths surrounding Rs 10 coins, shoppers can feel reassured that their pocket change is valid and that they have the right to use it freely. With this renewed assurance from the RBI, the Rs 10 coin is poised for a comeback in the marketplace, reinforcing its value in everyday commerce.