RBI reiterates legal tender status of Rs 10 coins

The Reserve Bank of India (RBI) on Wednesday reiterated the legal tender status of Rs. 10 coins of different designs.

The apex bank said that it has noticed a reluctance on the part of traders and members of the public to accept Rs. 10 coins owing to suspicion about the genuineness of the currency.

"It is clarified that the Reserve Bank puts into circulation the coins minted by mints which are under the Government of India. These coins have distinctive features to reflect various themes of economic, social, and cultural values and are introduced from time to time," a notification from the RBI read.

"As coins have a longer life, coins of different designs and shapes circulate in the market at the same time," the notification added.

So far the RBI has issued Rs. 10 coins in 14 designs and the public has been informed of their distinctive features.

All these coins are legal tender and can be accepted for transactions.

The Reserve Bank in November 2016 had issued a release requesting members of the public to continue to accept coins of Rs. 10 denomination as legal tender in all their transactions without any hesitation.

The RBI has also advised banks to accept coins for transactions and exchange at all their branches.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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