Rumours Of Ban On : ₹ 10 Coins Trigger Panic In ODISHA

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BHUBANESWAR:  At a time when the Centre is trying to curb fake currency notes by demonetising Rs. 500 and Rs. 1,000 denomination notes, a rumour has spread across Odisha that Rs. 10 coins had been declared invalid by the Reserve Bank of India.

According to the rumour, Rs. 10 coins had been declared invalid by the RBI after some counterfeit coins in two designs had flooded the market; as a result, RBI had banned the coins and those in circulation were fake.

Small traders and auto-rickshaw drivers are not accepting the Rs. 10 coins. Many local shops and vendors have also stopped taking the coins.

"When I offered a Rs. 10 coin to an auto-rickshaw driver, he refused to accept it and insisted on a Rs. 10 note instead. He said the coins have been banned. I was shocked after listening to him," said Ranjit Sahu, a resident of Bhubaneswar.

The rumour has created considerable panic among residents with many approaching banks seeking an exchange. Some local shopkeepers, who are refusing to accept the Rs. 10 coins, had rushed to the regional office of RBI here to change the lower value denominations.