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Hyderabad: Legal tender faces rejection

Legal tender faces rejection
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Legal tender faces rejection

Highlights

  • Business establishments, small traders, even public transport services decline to accept Rs 10 coins
  • Rumours of fake coins making rounds prompt businesses to avoid it, despite the RBI clearing the air

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Secunderabad: Social activists took to twitter and also tried to approach the concerned officials regarding Rs 10 coins that are being rejected by business establishments, small traders and even public transport services. Nevertheless, there is no written document of Rs 10 coin being banned by Reserve Bank of India (RBI), a few people are under apprehension that they may end up accepting fake coins while others feel that the Rs 10 coin is banned.

R Ravi, a small trader, Secunderabad said "we are not accepting the coins as we have received many fake ones."

"We got information from our union leader not to accept the Rs 10 coin," said Ramesh Rao, an auto driver.

Social activists say it's high time to control the menace and dispel the myths. All the business establishments and transport services should display a notice board that Rs 10 coins are legal tender money accepted by them. Failure to comply with the same, annual trade licenses should not be renewed.

B V Seshagiri, social activist said, "Recently I have visited a supermarket at Alwal and when I was about to pay cash at the bill counter, the billing clerk refused to accept Rs 10 coins. Later, I approached the store manager who too expressed his inability to accept the coins stating that Cash Management Services' (CMS) refuses to accept Rs 10 Coins to be deposited in Banks. I also tried to reach out to CMS manager, but my efforts went vein."

"Rs 10 coin is Legal Tender issued by the RBI and failure to receive and accept the same is an Offence punishable under Law. I have registered a FIR at the local police station, and I would file a complaint to Telangana State Consumers Forum for deficiency of service, he added.

On the condition of anonymity, a senior RBI officer clarified, "We have made aware to the public by the advertisements in TV channels and newspapers that 10 Rs coin is not banned, it is legal tender and valid. Don't know why the traders are not accepting the coins. In case people face any issue regarding the same, they can lodge their complaints against commercial establishments at any police station."

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