Mysuru, June 24 (BCT)- Even after Reserve Bank of India (RBI) announcing that Rs. 10 coin continues to be a legal tender, a majority of people are reluctant to transact and exchange coins. Sorting out arguments between customers and vendors has become a daily feature at markets and shops.
While it is a herculean task for a Rs. 10 coin holder to convince shop-keepers, vendors and bus conductors not to turn them down when exchanged for payment, even government organisations are clueless on what to do with the coins that have accumulated with them.
Take for example, Metagalli Post Office (see pics) where the Post Office Passport Kendra is functioning. It has more than 300 Rs. 10 coins worth Rs. 3,000 and authorities there are not sure of whom to hand them over.
Speaking to Star of Mysore, N. Bhaskar, a reader from Brindavan Extension, said that the Rs. 10 coin is not being accepted at many places in Mysuru. “Even the Metagalli Post Office refuses to accept the same stating that they already have Rs. 10 coin totalling to about Rs. 3,000 which they are unable to use as a legal currency. This is legally illegal,” he said.
He questioned, “I don’t understand why this aversion to Rs. 10 coin even though there has been frequent clarification in newspapers too?”
When SOM visited the Metagalli Post Office, officials displayed the coins collected there over a period of time. While the Post Master was not available for comments, Senior Superintendent of Post Offices (Mysuru Division) D. Shivaiah said that the coins have been collected from customers over time. “The decision of handing over the coins is with Metagalli Post Master and we don’t have much say in that,” he said and added that the postal authorities are in touch with the banks to find a way to the problem.
Meanwhile, a press release by RBI states that people can accept all Rs. 10 coins. The difference in design is only because they have been printed at different mints. It has advised public not to give credence to rumours and accept them as legal tender.
“Coins in new denominations to meet transaction needs of public and coins in new designs to reflect various themes — economic, social and cultural — are introduced from time to time. As coins remain in circulation for longer periods, it is quite possible that coins of different designs and even shapes are circulating at the same time. People must continue to accept these coins as legal tender in all their transactions,” the RBI said.
Mysuru Lead Bank Manager K.N. Shivalingaiah too said that Rs. 10 coins are a legal tender and people must accept them without heeding to rumours. On the issue of Metagalli Post Office, he said that each Post Office comes under ‘Cash Remittance Arrangement’ where cash and coins collected can be deposited.
“The RBI has introduced Rs. 10 coins to ease shortage of change. The Post Office authorities can deposit them in their respective banks,” Shivalingaiah said.
This post was published on June 24, 2017 6:51 pm