• search
For Quick Alerts
For Daily Alerts

Rumours of ban on Rs 10 coins trigger panic in Odisha

By Ians

Bhubaneswar, Nov 15: At a time when the Centre is trying to curb fake currency notes by demonetising Rs 500 and Rs 1,000 denomination notes, a rumour has spread across Odisha that Rs 10 coins had been declared invalid by the Reserve Bank of India.

According to the rumour, Rs 10 coins had been declared invalid by the RBI after some counterfeit coins in two designs had flooded the market; as a result, RBI had banned the coins and those in circulation were fake.

Rumours of Rs 10 coins ban trigger panic

Small traders and auto-rickshaw drivers are not accepting the Rs 10 coins. Many local shops and vendors have also stopped taking the coins.

"When I offered a Rs 10 coin to an auto-rickshaw driver, he refused to accept it and insisted on a Rs 10 note instead. He said the coins have been banned. I was shocked after listening to him," said Ranjit Sahu, a resident of Bhubaneswar.

The rumour has created considerable panic among residents with many approaching banks seeking an exchange. Some local shopkeepers, who are refusing to accept the Rs 10 coins, had rushed to the regional office of RBI here to change the lower value denominations.

However, the RBI made it clear that the coin was very much in circulation in the market and the persons refusing to accept it could face legal action.

"It has come to the notice of RBI that some people have spread rumours about a ban on Rs 10 coins, which is completely baseless. We will sensitise the people about this. Those who are refusing to accept the coins could face legal action," said a RBI official here.


For Daily Alerts
Get Instant News Updates
Notification Settings X
Time Settings
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Oneindia sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Oneindia website. However, you can change your cookie settings at any time. Learn more