Banks seek to dispel misinformation about ₹10 coins

The State Level Bankers Committee, Tamil Nadu said it has been receiving queries from the public on the legal tender status of these coins

Banks in various districts have pointed out that ₹10 coins are not being accepted by the general public for daily transactions due to rumours and misinformation, mostly spread through social media platforms, casting doubts upon the genuineness of these coins.

The State Level Bankers Committee (SLBC), Tamil Nadu, has proposed to create awareness and encourage the public to use the coins in partnership with the State government.

The SLBC said it has been receiving queries from the public on the legal tender status of these coins. A few merchant associations and chambers of commerce have also written, expressing their difficulty in transacting with ₹10 coins and bank branches refusing to accept them, it pointed out.

T. Sadagopan, a consumer activist said the issue was prevalent in rural and semi-urban areas. He called for creating awareness and also installing vending machines in places like malls and bus stands so that people can easily exchange notes and coins, which will help in increasing circulation.

The SLBC pointed out that at the recent District Level Currency Management Committee meetings held in Coimbatore and Tiruchi, it was decided that banks can collectively issue advertisements at the district level to dispel all misinformation surrounding ₹10 coins and encourage the public to use the coins for their daily transactions.

It also proposed that the State government issue instructions to State-owned transport corporations to accept ₹10 coins from the public, which will instil confidence among the general public. The State Transport Corporation has already issued a circular in this regard. The SLBC also sought the display of posters in the buses. It also advised banks to spread awareness about the acceptance of ₹10 coins and encourage the use of the coins for daily transactions by displaying posters in all their branches.

SLBC has also suggested publishing advertisements jointly by all banks in respective districts in coordination with the Publication Department of the government, in this regard.