Abhijith N Kolpe
Daijiworld Media Network - Mangaluru
Mangaluru, Mar 26: Confusion prevails in the city with regard to the legitimacy of the Rs 10 coin. While some are accepting it, vendors are rejecting it outright. All because of a rumour circulated by some people on social media that the Reserve Bank of India (RBI) has declared the Rs 10 coin as 'invalid', whereas, officials say the Rs 10 coin is very much valid.
Confusion has also been created because of the frequent changes in the design since 2005. So far, the RBI has introduced three designs for the ten rupee coin. The first ten rupee coin was minted in 2005 and featured the lettering 'Bharat' and 'INDIA' with Lion capital and 'Satyameva Jayate' in Hindi at the bottom on the left, and the date of mint below that on the obverse.
During the year 2009, the second design featured two horizontal lines. The coin featured the lettering 'Bharat' and 'INDIA' on the top, with Lion capital in the middle and year of printing at the bottom on the obverse. The reverse of the coin featured 10 notches and numeral 10 in the middle, with the word 'Rupees' in English and 'Rupayay' in Hindi below that. This coin is usually treated as a fake on social media.
In the year 2011, the third design of Rs 10 coin was minted in 2011 featuring the lettering 'Bharat' on left and 'INDIA' on right on the outer ring, and the year of mint and mint mark below. At the center is the Lion capital with the lettering 'Satyameva Jayate' below it. On the reverse it features 10 notches with the sign below it, and the number 10 below the sign.
Confusion loomed among people after two designs of 10 rupee coin existed in the market. Earlier, the 10 rupee coin had 15 notches with number 10 below the notches. Confusion was created when another coin was introduced which had 10 notches, rupee symbol and number 10. After the demonatisation of high-value currencies and claims on social media that Rs 10 coin was fake, people started panicking even more and thronged to banks to exchange these coins for notes.
Even I had encountered the same problem when a private bus conductor asked me whether the 10 rupee coin was legitimate or not when I offered it for the ticket. He, however, hesitatingly accepted the coin.
Similary, a person named Imran Kukkaje came across the problem when he visited State Bank of Mysore where the Rs 10 coin was not being accepted.
Speaking to daijiworld, Imran Kukkaje, who is an account holder at State Bank of Mysore Melkar branch, said, "Earlier this week, I had been to State bank of Mysore where they did not accept the 10 rupee coin. The Bank was busy on that day. Half an hour later, I called the Bank manager who said there was no rule that the 10 rupee coins should not be accepted, but there would be problem during remittance of the coin, as compared to Rs 500 and Rs 2,000 currency notes which can easily be remitted."
Needless to say, if a bank does not accept the 10 rupee coins, then street vendors, auto drivers and petrol bunks too will reject these coins. And that's what has put the citizens in a quandary.
Speaking to daijiworld, Ravi, retired PRO of Vijaya Bank, said, "This is nothing but a confusion created by the people as they believe fake news more. There is no such rule about not accepting 10 rupee coins. A few bank cashiers find it difficult to count huge amount of coins. As per my knowledge, banks have not recieved orders from the RBI regarding any ban on the Rs 10 coin."
Rakshith, assistant manager at Vijaya Bank regional office told daijiworld, "When there was confusion with regard to the 10 rupee coins, instructions were passed to make them legitimate and even the RBI has passed orders along with pictures to accept the coins. The 10 rupee coin has two designs and assumptions that one was fake created panic among the public. So people should not panic as the 10 rupee coin is legitimate and banks will accept it."