Banking

All 14 Types of Rs 10 Coins Are Legal Tender, Says RBI

The Reserve Bank of India (RBI) logo is pictured outside its head office in Mumbai November 2, 2010. India's central bank raised interest rates for the sixth time this year on Tuesday to tame inflation, and indicated that the increase was likely to be its last in the near term. Credit: Reuters/Danish Siddiqui

The Reserve Bank of India (RBI) logo is pictured outside its head office in Mumbai November 2, 2010. India’s central bank raised interest rates for the sixth time this year on Tuesday to tame inflation, and indicated that the increase was likely to be its last in the near term. Credit: Reuters/Danish Siddiqui

Mumbai: All the 14 designs of Rs 10 coin are valid and legal tender for transactions, the Reserve Bank said on Wednesday amid reluctance by certain traders to accept the coins.

“It has come to the notice of the Reserve Bank that in certain places there is reluctance on part of traders and members of public to accept Rs 10 coins due to suspicion about their genuineness,” RBI said while reiterating legal tender status of the coins of different designs.

In a statement, the central bank clarified that it puts into circulation the coins minted by government mints.

These coins, it further said, have distinctive features to reflect various themes of economic, social and cultural values and are introduced from time to time.

 “So far the Reserve Bank has issued Rs 10 coin in 14 designs…All these coins are legal tender and can be accepted for transactions,” RBI said.
It has also asked banks to accept coins for transactions and exchange at all their branches.
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