All 14 types of Rs 10 coins valid, clarifies RBI

Last Updated: Thu, Jan 18, 2018 11:25 hrs
Rs10coins

An RBI clarification should be sufficient to assuage dealers and traders who abstain from transacting with Rs 10 coins. Since demonetisation, shopkeepers and merchants refused to exchange Rs 10 coins, in the belief that these were invalidated by the Central regulator.

The RBI on Thursday, clarified through a press releases that these coins have been minted by "mints" under the Government of India. "These coins have distinctive features to reflect various themes of economic, social and cultural values and are introduced from time to time." said the release.

Coins in comparison with notes have a longer shelf life, and hence all designs and shapes circulated in the market are valid. The Reserve Bank, which has so far, issued fourteen designs of the Rs. 10 coins has shared that these are distinctive, yet are legal tender and are to be accepted for transactions.

This is not the first time the RBI issued a detailed press release. Previously it had drafted a release on November 20 2016, to clarify its stand. The RBI had also advised banks to accept Rs 10 coins for transacting and exchanging at all branches. But, in spite of its clarifications, many dealers had resorted to outrightly rejecting transactions. Worse, there were rumours that the RBI had scrapped the Rs 10 coin.

A story appearing in the Mumbai Mirror , highlights the plight of BEST employees, who were handed a part of their salaries in denominations of the Rs. 10 coins. The reason was attributed to a private bank who had refused to accept Rs 1.25 crore in change the public transportation system administrator had collected.

The RBI's latest Rs 10 coin was released on June 29 2017 and commemorates the 150th birth anniversary of Shrimad Rajchandra with his portrait in the centre of the coin.

The RBI also launched a National Archives' special coin in  April 2017, with the image bearing the National Archives building centre.



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