Addressing Misconceptions: RBI Clarifies Genuineness of Rs.10 Coins and Encourages Acceptance

The Reserve Bank of India (RBI) has addressed the issue of reluctance among traders and the public to accept Rs.10 coins due to suspicion about their genuineness. The RBI has clarified that these coins are minted by mints under the Government of India and are circulated by the Reserve Bank. These coins have distinctive features that reflect various economic, social, and cultural values, and new designs are introduced from time to time.

Coins, unlike currency notes, have a longer life, and as a result, coins of different designs and shapes circulate simultaneously in the market. The RBI has issued a total of 14 designs for Rs.10 coins, and the public has been informed about their distinctive features through press releases. It is important to note that all these coins are legal tender and can be accepted for transactions.

The RBI has previously issued a press release on November 20, 2016, urging the public to accept Rs.10 coins as legal tender without hesitation. The central bank has also advised banks to accept these coins for transactions and exchange at all their branches.

Despite these efforts, there is still a section of people who refuse to accept Rs.10 coins, suspecting them to be fake. To dispel any doubts, the RBI has reiterated that all Rs.10 coins currently in circulation are genuine and legitimate. The RBI has minted a variety of Rs.10 coins over the years, and these coins continue to stay in circulation simultaneously due to their longer lifespan.

In addition to the general information about the coins, here are some key points to know about Rs.10 coins:

1. There are 14 types of Rs.10 coins issued by the RBI.
2. Coins of different designs and shapes circulate simultaneously due to their longer life.
3. The RBI has previously emphasized the acceptance of Rs.10 coins as legal tender.
4. Special coins, such as the one commemorating the 125 years of National Archives of India, have been released by the RBI.
5. Banks are advised to accept Rs.10 coins for transactions and exchange.
6. There are two distinct types of Rs.10 coins, one with the rupee symbol and another without, both of which are legal tender.
7. Some uninformed individuals have created doubts about the genuineness of these coins, causing confusion among traders and the public.
8. The RBI urges people to ignore such ill-informed notions and continue accepting these coins without hesitation.
9. The oldest Rs.10 coin was issued on March 26, 2009, and features the lion capital of Ashoka pillar with "satyamev jayte" written in Hindi.
10. The most recent Rs.10 coin was released on June 29, 2017, to commemorate the 150th birth anniversary of Shrimad Rajchandra, featuring his portrait.

It is important for the public, traders, and shopkeepers to understand that all Rs.10 coins currently in circulation are genuine and should be accepted as legal tender without any doubts or hesitation.

Is Rs.10 coin “without rupee symbol” a legal tender?

Yes. Different designs of Rs.10 coins are currently in circulation. All coins of Rs.10 denomination minted from time to time by the Government of India (with/without the Rupee symbol) are legal tender.

Where can one complaint against non-acceptance of coins or exchange of notes and coins by Banks?

In case of grievance against a specific bank, a complaint may be lodged with the bank branch concerned. If not satisfied with their reply, a complaint may be lodged with Nodal Officers/Principal Nodal Officers at Controlling Office/Head Office of the bank branch, appointed under the Banking Ombudsman Scheme, 2006, for redressal of complaints. If the complaint is not redressed within one month, a complaint can be made to Banking Ombudsman, under the Banking Ombudsman Scheme, 2006. Non-acceptance, without sufficient cause, of coins tendered and charging of commission in respect thereof is a valid ground for lodging complaints against a bank under the Banking Ombudsman Scheme 2006.The details of the Banking Ombudsman Scheme are available on RBI's website www.rbi.org.in. The name and contact details of the Nodal Officers of the banks are available in their respective official website.

What to Do When Doubtful About Fake Rs.10 Coins

If you have doubts about the authenticity of Rs.10 coins, it is important to approach the bank instead of verifying with others or spreading rumors. Banks are equipped to handle such situations. Here's what you should do:

Approach the Bank: Take the coins to a bank branch and explain your concerns about their genuineness. Banks are authorized to handle currency-related matters and can assist you in verifying the coins.

Bank Confiscation and Certification: The bank will confiscate the coins and issue a certificate acknowledging the submission. This certificate serves as evidence of your cooperation and can be useful in case of further investigation.

Evaluation by RBI: Confiscated coins are sent to the Reserve Bank of India (RBI) for evaluation. The RBI will determine whether the coins are genuine or counterfeit.

Legal Consequences: If the RBI confirms that the coins are fake, a police investigation may be initiated. On the other hand, if the coins are deemed genuine, they will be replaced.

It is important to note that banks are obligated to accept coins of all denominations as legal tender without any restrictions and provide their equivalent value in notes. However, there is no provision for exchanging counterfeit coins or currency notes with the bank.

It is crucial to understand that Rs.10 coins are issued by the Government of India and hold the status of national currency. No one can refuse them, as the government guarantees their value. If someone denies accepting genuine Rs.10 coins, it can be considered an offense under Sections 489A to 489E of the Indian Penal Code (IPC).

Currently, the RBI has not issued any guidelines banning Rs.10 coins. Therefore, it is important to refrain from spreading baseless rumors and instead rely on proper channels like banks to address concerns about coin genuineness.

Conclusion

In conclusion, the Reserve Bank of India (RBI) has addressed concerns about the genuineness of Rs.10 coins and clarified that all coins currently in circulation are genuine and legitimate. These coins are minted by mints under the Government of India and have distinctive features reflecting various economic, social, and cultural values.

To address doubts about the authenticity of Rs.10 coins, individuals should approach a bank instead of relying on rumors or unverified information. Banks are authorized to handle currency-related matters and can assist in verifying the coins. If there are concerns about fake coins, the bank will confiscate them and issue a certificate. The confiscated coins are then evaluated by the RBI, and if found to be counterfeit, a police investigation may be initiated. Genuine coins will be replaced.

It is important to note that there is no provision for exchanging counterfeit coins or currency notes with banks. However, banks are obligated to accept coins of all denominations as legal tender and provide their equivalent value in notes.

If anyone refuses to accept genuine Rs.10 coins, it can be considered an offense under Sections 489A to 489E of the Indian Penal Code (IPC). Complaints regarding non-acceptance of coins or exchange of notes and coins by banks can be lodged with the concerned bank branch and escalated to Nodal Officers/Principal Nodal Officers or the Banking Ombudsman, as per the Banking Ombudsman Scheme, 2006.

It is crucial to rely on accurate information and refrain from spreading baseless rumors. The RBI has provided clear guidelines, and it is important for the public, traders, and shopkeepers to accept Rs.10 coins as legal tender without hesitation or doubts.

Article Compiled by:-

Mayank Garg

(LegalMantra.net Team)

+91 9582627751

Disclaimer: Every effort has been made to avoid errors or omissions in this material in spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice which shall be taken care of in the next edition In no event the author shall be liable for any direct indirect, special or incidental damage resulting from or arising out of or in connection with the use of this information Many sources have been considered including newspapers, Journals, Bare Acts, Case Materials , Charted Secretary, RBI etc.