BENGALURU: Repeated circulars issued by the Reserve Bank of India (RBI) seem to have failed to convince many people, commercial establishments and banks to accept Rs 10 coins. On Tuesday, the RBI re-issued their June 26 release in which it had stated that Rs 10 coins are in circulation and should be considered as legal tender.
During an interaction held with the officials at the RBI office in the city, members of Bruhat Bengaluru Hotel Association said that despite repeated circulars, banks do not accept the coins.
“According to RBI directions, I am accepting Rs 10 coins. I have even put up a circular issued by them. But these coins are only getting piled up in my office. I went to the bank to deposit the coins, but they refused to take them and said that change coins only up to Rs 1,000 will be collected,” said Krishnaraj SP from Nisarga Grand hotel.
Radhakrishna Adiga from Brahmin’s Cafe added that the RBI should hold more discussions and awareness camps, especially for small entrepreneurs. Even autorickshaw drivers do not accept the coins, he alleged.
Kiran K, a shop owner at Majestic, said that banks turned him away saying that they did not have the time to count the coins or space to stock them. “If this was the case with nationalised banks, one can only imagine the situation at private banks.”
Reacting to this, RBI spokesperson said that RBI holds regular interactions with banks. Coin melas are also organised for people to exchange coins and to address grievances. “Penal action will be taken on banks if they do not accept the coins. People can lodge their complaints against commercial establishments at any police station for not accepting Rs 10 coins,” the spokesperson added.
Confusion over coin started around four years ago with a WhatsApp message that banks are not accepting the coins. The rumour spread like wildfire and soon most of the people started refusing to accept Rs 10 coins.