Author Topic: ₹10 Coins Create Confusion in Faridabad  (Read 4676 times)

0 Members and 1 Guest are viewing this topic.

Offline Bimat

  • आदित्य
  • Global Moderator
  • Honorary Member
  • *****
  • Posts: 11 118
  • Mumbai, India.
₹10 Coins Create Confusion in Faridabad
« Reply #30 on: February 02, 2018, 03:54:52 PM »
I received a SMS from RBI today explaining the so called fake ₹10 coins. The message also mentioned the helpline number (14440). ;D

Aditya
You don't need a parachute to skydive. You need a parachute to skydive twice.

Offline Bimat

  • आदित्य
  • Global Moderator
  • Honorary Member
  • *****
  • Posts: 11 118
  • Mumbai, India.
₹10 Coins Create Confusion in Faridabad
« Reply #31 on: February 03, 2018, 02:21:09 PM »
Bad luck follows the 10 rupee coin

Ajmal V, DH Web Desk, Feb 2 2018, 19:04 IST

If you have only 10 rupee coins and you need to buy something from hawkers or small shops, it's better not to try. They may say that they have stopped accepting the coin since demonetisation or that the coin is not in use.

On Friday, the Reserve Bank of India (RBI) sent a bulk SMS informing people that all Rs 10 coins are valid.

"Rs. 10 coins have been issued both with rupee symbol and without it. Both are valid. Accept them without fear. To know more, give missed call to RBI at 14440," the message says.

What is the issue?

The 10 rupee coin's bad luck started soon after the government demonetised higher denomination notes on Nov. 8, 2016. One story claims that during the demonetisation process, one person went to a bank to deposit his collection of 10 rupee coins. But the bank did not accept them.

Later, there was information that the bank's storage was full after accepting the demonetised notes and there was an RBI directive to ensure that lower denomination currencies remain in circulation.

This incident spread through social media, especially on WhatsApp. People stopped accepting the coin soon after and some shops put notices claiming that the coin is not accepted.

On Nov. 20, 2016, the RBI put out a press release saying that the public should accept Rs. 10 in all transactions. The press release also said, "some less-informed or uninformed persons who suspect the genuineness of such coins are creating doubts in the minds of ordinary people, including traders, shopkeepers, etc., impeding the circulation of these coins in certain pockets of the country causing avoidable confusion."

Still not accepted

Despite the notices from the RBI and others, the coin's run of bad luck did not end. Hawkers and small shops were not ready to accept them. However, larger shops and government offices are accepting them.

A shopkeeper in Bengaluru's Shivaji Nagar said that he completely stopped receiving the coin. However, now he has begun accepting them since he can exchange the coins with BMTC conductors. "Now, I accept the coins from people if they give me one or two," said Salim, who owns a small tea and snacks shop. "I don't accept if they give more than two coins. Whenever it gets 10 or 20, I exchange with BMTC bus conductors, since the customers are hesitating to accept it," he said.

Even shopkeepers with RBI ads on their walls are clueless and complain that the government has created confusion among people and are not doing anything to clarify it.

Most of the people the reporter spoke to are not aware of the latest RBI statement. They still think the Rs. 10 coins have been recalled. Some people said that there are different versions of the coins. One version has the inscribed rupee symbol and some do not. Some have 10 bars around the number 10 and some have more than 10 bars.

What if the coin is not accepted?

Refusing to accept currencies in circulation is considered sedition in India. If somebody lodges a complaint, it can lead to a lifetime prison sentence. IPC 124A states that, "whoever, by words, either spoken or written, or by signs, or by visible representation, or otherwise, brings or attempts to bring into hatred or contempt, or excites or attempts to excite disaffection towards, the Government estab­lished by law in 103 [India], shall be punished with 104 [im­prisonment for life], to which fine may be added, or with impris­onment which may extend to three years, to which fine may be added, or with fine."

If a person or shop does not accept the 10 rupee coin, you can file an FIR at the police station in the jurisdiction concerned. You should show the rejected coin along with the details of the person or shop and the RBI communication.

Source: Deccan Herald
You don't need a parachute to skydive. You need a parachute to skydive twice.

Offline Bimat

  • आदित्य
  • Global Moderator
  • Honorary Member
  • *****
  • Posts: 11 118
  • Mumbai, India.
₹10 Coins Create Confusion in Faridabad
« Reply #32 on: February 10, 2018, 07:42:26 AM »
RBI is now sending the same SMS in local languages...Got one today in Marathi. ;D

More such stupid things RBI does, more panic it will create. Just leave it up to people... ::)

Aditya
You don't need a parachute to skydive. You need a parachute to skydive twice.

Offline Bimat

  • आदित्य
  • Global Moderator
  • Honorary Member
  • *****
  • Posts: 11 118
  • Mumbai, India.
₹10 Coins Create Confusion in Faridabad
« Reply #33 on: August 02, 2018, 04:27:08 PM »
How fake Rs 10 coin claim landed this man in court, slapped with Rs 200 penalty

Assistant Prosecution Officer (APO) Bhupendra Singh said that one Akash of Jaura town bought two handkerchiefs from the shop of Arun Jain in Baniapara on Oct, 2017, and paid the latter with two Rs 10 coins. As reported by Navbharat Times, the shopkeeper, refused to take the coins saying that these are no more accepted in market.

By ZeeBiz WebTeam
Updated: Thu, Aug 02, 2018
06:58 pm
New Delhi, ZeeBiz WebDesk

A shopkeeper's refusal to take Rs 10 coin from a buyer led to a big setback for him. A local court in Morena, Madhya Pradesh found the person guilty of defying the directive of district collector and penalised him by ordering him to sit till the end of the court day and also imposed a monetary punishment of Rs 200!
 
Assistant Prosecution Officer (APO) Bhupendra Singh said that one Akash of Jaura town bought two handkerchiefs from the shop of Arun Jain in Baniapara on Oct, 2017, and paid the latter with two Rs 10 coins. As reported by Navbharat Times, the shopkeeper, refused to take the coins saying that these are no more accepted in market.
 
The APO further revealed that when Akash told the shopkeeper that the DC, Morena has directed that nobody can refuse to accept the Rs 10 coin as these are active in market, Jain still refused to accept the coins. He rather took back the handkerchief from Akash and asked him to go.

The irked buyer lodged an FIR against the shopkeeper, said the APO, adding that the court took cognisance of the case and awarded the directive in favour of Akash.

Source: ZeeBiz
You don't need a parachute to skydive. You need a parachute to skydive twice.

Offline Figleaf

  • Administrator
  • Honorary Member
  • *****
  • Posts: 27 415
Re: ₹10 Coins Create Confusion in Faridabad
« Reply #34 on: August 02, 2018, 04:56:06 PM »
Justice was done. I picture the shopkeeper as relatively poor and uneducated, therefore suspicious. He may also be a bit of a loudmouth, in view of the sitting still part of the verdict, which I appreciate. You often enough can't help being uneducated, but if you don't know what you are talking about, shutting up is not a bad policy, while quacking loudly anyway can beget only trouble. :)

In view of the poverty, I think ₹200 is a bit on the high side, but why didn't the court think of stipulating that the fine should be paid in ₹10 coins? Imagine his problem finding them when he loudly complains to his colleagues and begs them for the ₹10 rupee coins they too refused to accept. ;)

Peter
An unidentified coin is a piece of metal. An identified coin is a piece of history.