Rs 10 coin is unwanted, feared in East Godavari

Citizens try to get rid of coins as bankers fail to convince them.

KAKINADA: A phobia of the Rs 10 coin has gripped the people of East Godavari. Common people, traders and vendors are trying to get rid of the coin, because they are under the impression that it is not legal tender. Despite bankers affirming that there is nothing wrong with the coin, fear persists in the minds of people. Maize vendors on the streets are not keen on accepting Rs 10 coins, because they say that they are not able to get rid of it.

A woman brought 1,000 coins of Rs 10 to the market, and tried to exchange them for currency notes. But she was unsuccessful, as most traders rejected the coins. According to sources, vegetable traders in Rythu Bazaar said that when they tried to tender change to customers in Rs 10 coins, customers did not accept them. A trader trying to get rid of his Rs 10 coins said, “I have tried to give Rs 10 coins to wholesale traders while purchasing vegetables in Pithapuram; but the traders are reluctant to take them. I don’t know whether the '10 coins have been demonetised or not.”

He added that the State Bank of India had been supplying Rs 10 coins to cope with the liquid cash problem faced during demonetisation. Meanwhile, bankers have been alerted that there is no ban on Rs 10 coins. Lead Bank Manager Subrahmanyam said that the rumours of Rs 10 coins being banned were false, and that people should not get panic. Mr Subrahmanyam said that the coins would remain in circulation unless notified by the Centre. Bankers said that people should not bring the coins to be handed over to banks, as they would fill up the bank treasuries.

( Source : Deccan Chronicle. )
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