Finance

RBI (Reserve Bank Of India) Sets The Record Straight. All Rs. 10 Coins Are Valid

RBI (Reserve Bank Of India) Sets The Record Straight. All Rs 10 Coins Are Valid

There are 14 types of Rs. 10 coins

Amid the reluctance on part of traders and members of public to accept Rs. 10 coins due to suspicion about their genuineness, the Reserve Bank of India (RBI) has reiterated its stand on Wednesday by issuing a press release. “It is clarified that the Reserve Bank puts into circulation, the coins minted by mints, which are 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 RBI in a statement.
The central bank clarifies that since currency coins have longer life, so coins of different designs and shapes circulate in the market at the same time. So far the Reserve Bank has issued Rs. 10 coins in 14 designs and the public has been informed of their distinctive features. All these coins are legal tender and can be accepted for transactions.

Ten Things to know about RBI’s latest stand on Rs. 10 coins
1. Since currency coins have longer life, so coins of different designs and shapes circulate in the market at the same time.

2. There are a total of 14 types of Rs. 10 coins issued by the RBI.

3. In the past also, the RBI issued a press release on November 20, 2016 exhorting the members of the public to continue to accept coins of Rs. 10 denomination as legal tender in all their transactions without any hesitation.

4. The Reserve Bank has also advised banks to accept Rs. 10 coins for transactions and exchange at all their branches.

5. In a statement issued on November 20, 2016, the RBI had said that there are two distinct Rs. 10 coins, one with rupee symbol and the another without rupee symbol. Both of them are legal tender and equally good for transactions, though they may look a little different.
6. It has been reported that some less-informed or uninformed persons who suspect the genuineness of such coins are creating doubts in the minds of ordinary people including traders, shop-keepers, etc., impeding the circulation of these coins in certain pockets of the country causing avoidable confusion, RBI said.

7. The Reserve Bank has advised members of the public not to give credence to such ill-informed notions and ignore them and continue to accept these coins as legal tender in all their transactions without any hesitation, the statement on November 20, said.

8. The oldest Rs. 10 coin was issued on March 26, 2009. The face of the coin is divided into three portions with two horizontal lines. The centre portion bears the lion capitol of Ashoka pillar with “satyamev jayte” written in Hindi written below.

On the reverse side, Rs. 10 is written in international numerals and in lower periphery, the word “rupee” is written in Hindi and English

9. The latest Rs. 10 coin was released on June 29, 2017. The coin had the portrait of Shrimad Rajchandra in the centre. The coin was released to commemorate the 150th birth anniversary of Shrimad Rajchandra.

10. In April this year, RBI had released a Rs. 10 coin to commemorate the one hundred twenty five years of National Archives of India. This face of the coin bears the image of National Archives Building in the centre.

[“Source-ndtv”]

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Loknath Das

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