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Prabhakar Jha| TNN | Jul 22, 2016, 01.36 PM IST
FARIDABAD: The people of this town have been confused for the past two weeks about whether Rs 10 coin is legitimate.
While some shopkeepers are accepting it, others are rejecting it outright. That's because of a rumour circulated by some people on social media that the Reserve Bank of India (RBI) has declared the Rs 10 coin invalid.
"The rumour that is being circulated is wrong, the RBI has not issued any guidelines regarding the banning of the Rs 10 coin and any person who refuses to accept a legal form of money can be booked under Section 489A to 489E of the IPC," said A K Ahuja, assistant manager of the Neelam Chowk branch of SBI.
"Every now and then, we receive around 50 bags of Rs 10 coins containing 2,000 coins from the RBI, which proves that the coins are not invalid," he further added.
In some areas of the city, vendors and shopkeepers are accepting the coin, but in Tigaon and Old Faridabad it is being rejected.
"I have more than 100 coins of Rs 10 denomination and no customer is willing to take it. They say that it is banned. If that is true, then I will incur a huge loss," said a tea seller from Old Faridabad.
" Even big shopkeepers have refused to accept the coins, leave alone the smaller ones. You simply cannot argue with them, they won't sell their product to you if a Rs 10 coin is being offered," said Krishna Kumar, a resident of Tigaon.
Now, people are lining up outside the banks to exchange their coin for a Rs 10 note.
"People come to us every day to exchange their Rs 10 coins with notes, which we cannot do for there is no need. We simply tell them that we cannot exchange it as it is a legal form of money," said an SBI employee.
SBI's Ahuja says he and others will write a letter to the RBI regarding the situation. In the meanwhile, he will order his staff to make people aware about the real situation.
Prabhakar Jha| TNN | Jul 22, 2016, 01.36 PM IST
FARIDABAD: The people of this town have been confused for the past two weeks about whether Rs 10 coin is legitimate.
While some shopkeepers are accepting it, others are rejecting it outright. That's because of a rumour circulated by some people on social media that the Reserve Bank of India (RBI) has declared the Rs 10 coin invalid.
"The rumour that is being circulated is wrong, the RBI has not issued any guidelines regarding the banning of the Rs 10 coin and any person who refuses to accept a legal form of money can be booked under Section 489A to 489E of the IPC," said A K Ahuja, assistant manager of the Neelam Chowk branch of SBI.
"Every now and then, we receive around 50 bags of Rs 10 coins containing 2,000 coins from the RBI, which proves that the coins are not invalid," he further added.
In some areas of the city, vendors and shopkeepers are accepting the coin, but in Tigaon and Old Faridabad it is being rejected.
"I have more than 100 coins of Rs 10 denomination and no customer is willing to take it. They say that it is banned. If that is true, then I will incur a huge loss," said a tea seller from Old Faridabad.
" Even big shopkeepers have refused to accept the coins, leave alone the smaller ones. You simply cannot argue with them, they won't sell their product to you if a Rs 10 coin is being offered," said Krishna Kumar, a resident of Tigaon.
Now, people are lining up outside the banks to exchange their coin for a Rs 10 note.
"People come to us every day to exchange their Rs 10 coins with notes, which we cannot do for there is no need. We simply tell them that we cannot exchange it as it is a legal form of money," said an SBI employee.
SBI's Ahuja says he and others will write a letter to the RBI regarding the situation. In the meanwhile, he will order his staff to make people aware about the real situation.
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