In an effort to dispel rumours triggering confusion and panic, the Reserve Bank of India has set the record straight and said that both the old and new Rs 10 coins are legal tender. The RBI had issued a new Rs 10 coin in June.
On Monday, RBI Principal Adviser Alpana Killiwala advised members of the public not to give credence to such ill-informed notions. "Ignore the rumours and continue to accept these coins as legal tender in all transactions without any hesitation," Killiwala was quoted as saying by the Times of India.
Rumours on social media had suggested that since the RBI issued a new Rs 10 coin in June, the earlier coin would no longer be valid. The rumours spread across the country and reportedly created confusion in several cities.
It was reported that traders, shopkeepers and retailers refused to accept the Rs 10 coin and hence people began queuing up at banks to exchange their coins.
The RBI has clarified that the coins were issued with minor changes and both of them continue to be legal tender. Police officials say that those refusing to accept the coins may face legal action.
The coins are minted at four government mints in Noida, Mumbai, Hyderabad, and Kolkata.