A number of shopkeepers and traders in Goa has been refusing to accept Rs 10 coins for sometime now causing much panic among the public regarding its legal status. To help clarify on this concern, bankers have unanimously said Rs 10 coin is very much a legal tender and therefore there is no reason for anyone to refuse to accept it.
Anagha Kedare, chief manager, Bank of Baroda, said, "Rs 10 coin is a legal tender. It's only in Goa that a number of traders are refusing to accept it. In Maharashtra, there is no such issue. We really don't see logic behind people not accepting this coin here in Goa."
Other bankers also confirmed the same. Rakesh Gupta, chief manager, UCO Bank, said, "Rs 10 coin is very much a legal tender. It's surprising that people are not accepting it. Coins have much longer life than currency notes."
Currency notes get soiled or badly damaged. Therefore, a shopkeeper turning down a certain note, is acceptable. But, coins, made of metal, don't pose such problems. It is clearly baffling that people are refusing to accept Rs 10 coins in Goa.
Since traders are not accepting Rs 10 coin in the state, people often go to banks to exchange them for currency notes. Kedare informed, "People come to us with Rs 10 coins and we are exchanging them for other currency notes. But when we give Rs 10 coin to people, they don't accept it."
Banks can't refuse to accept Rs 10 coins, but it becomes a problem for them, if a certain currency denomination becomes unacceptable in the market. All notes and coins are meant for circulation in an economy.
In an event, no one accepts Rs 10 coins, everyone will turn to banks to exchange and banks, in turn, will get saddled with these coins, which is not a healthy situation.
To prevent such a thing, bankers are educating their customers that Rs 10 coin is a perfectly legal tender. In fact, a public sector bank even organised a "coin-mela" to dispel rumours about the coin.
Anagha Kedare, chief manager, Bank of Baroda, said, "Rs 10 coin is a legal tender. It's only in Goa that a number of traders are refusing to accept it. In Maharashtra, there is no such issue. We really don't see logic behind people not accepting this coin here in Goa."
Other bankers also confirmed the same. Rakesh Gupta, chief manager, UCO Bank, said, "Rs 10 coin is very much a legal tender. It's surprising that people are not accepting it. Coins have much longer life than currency notes."
Currency notes get soiled or badly damaged. Therefore, a shopkeeper turning down a certain note, is acceptable. But, coins, made of metal, don't pose such problems. It is clearly baffling that people are refusing to accept Rs 10 coins in Goa.
Since traders are not accepting Rs 10 coin in the state, people often go to banks to exchange them for currency notes. Kedare informed, "People come to us with Rs 10 coins and we are exchanging them for other currency notes. But when we give Rs 10 coin to people, they don't accept it."
Banks can't refuse to accept Rs 10 coins, but it becomes a problem for them, if a certain currency denomination becomes unacceptable in the market. All notes and coins are meant for circulation in an economy.
In an event, no one accepts Rs 10 coins, everyone will turn to banks to exchange and banks, in turn, will get saddled with these coins, which is not a healthy situation.
To prevent such a thing, bankers are educating their customers that Rs 10 coin is a perfectly legal tender. In fact, a public sector bank even organised a "coin-mela" to dispel rumours about the coin.
