A WhatsApp message saying that old coins will no longer be valid went viral. Last week, the Reserve Bank of India (RBI) decided to introduce more Rs 5 and Rs 10 coins. However, it stated that the old coins are legal. In fact, the apex bank also issued an official communique that legal action could be initiated against those refusing to accept Rs 10 coin
HYDERABAD: Shankar is an IT employee in Gachibowli who usually finishes work by around 10 pm. As he steps out of work everyday, his moment of bliss comes from enjoying a crispy, roadside masala dosa with his friends and a cup of masala chai served by Venkanna who runs a ‘bandi’ in front of the office. This has been a ritual for over a year during which Shankar and Venkanna became the thickest of friends sharing stories of their personal lives, discussing politics in the country, reviewing the latest movie releases and talking about almost anything under the sun.
But therelationship between the two turned sour last week. As usual after having a hearty meal, Shankar handed out three Rs 10 notes and a Rs 10 coin to Venkanna.
“Poore nota hain toh do anna, coin nakko (I want all notes, not the coin),” replied Venkanna.
Surprised, Shankar examined the coin and couldn’t find anything suspicious. “Theek hi toh hain. Lelo naa (It’s fine. Just take it),” he said.
“Arre market mein yeh nai chalra anna. Koi nai lera (This note is not valid in the market. No one is accepting this),” Venkanna explained.
Now this was an interesting piece of news for Shankar. He immediately pulled out his smartphone and Googled for more information. What he saw riled him up. “Arre kaun bola banned hain, yeh dekho fake news hain (Who said the coins are banned? This is fake news,” countered Shankar as he beamed his smartphone in front of Venkanna with a sense of authority.
“Anna, merko yeh coin nakko bole toh nakko. Hona bole toh Rs 50 ke chillar detoon,” retaliated Venkanna literally shoving Shankar’s phone aside and getting back to focus on another customer.
What followed was a heated argument between the two. Despite Shankar’s best efforts to drive home the point of rumour, Venkanna remained defiant. It’s been four days now that Shankar has been feeling awkward talking to his buddy.
In the recent few weeks, customers having tiffs with shopkeepers over the non-acceptance of Rs 10 coin has more or less become a norm. What’s pitiable is that in the age when information is on the finger tips, rumours like these gets credence and spread across like wildfire. In fact the rumour mill of the banned Rs 10 coin is agog in other major metros as well.
“I was shocked after hearing this piece of news from a vendor. The rumour has created considerable panic among businessmen. In fact, what has been feeding this rumour is the demonetisation drive last year. Now, people are viewing any news related to currency seriously without checking for facts,” stated Jyoti, an Intermediate college economics professor.
Problems Galore
It is not just small time vendors, auto drivers and several petrol bunks too are refusing to accept the coin in the city.
“First of all many ATMs are not dispensing cash. Now this scenario for coins is a severe headache. Banks are also asking us to deposit these coins in small numbers,” lamented Shiva who works in a petrol bunk in Malkajgiri.
“I usually make a lot of business with these coins. I know its a rumour but even if I accept these, there is no one to take it from me,” rued kirana shop owner Ravi pointing out to the plastic bag stacked with the denomination coins.
A bank employee Srinivas Rao feels this is the apt solution to end the chaos.
“It is a rumour and it should be the responsibility of the government to issue advertisements on TV, print and radio to curtail such unnecessary confusion,” he felt.
What is everyone confused about
The Rs 10 coin with bi-metallic rings was introduced over a decade ago. However, it was in 2011 that the rupee symbol was embossed on these coins, where the coins minted varied in appearance. A message on WhatsApp thus became viral that the old coins will no longer be valid. Last week, the Reserve Bank of India (RBI) decided to introduce more Rs 5 and Rs 10 coins, however, it stated that the old coins are still legal. In fact, the apex bank also issued an official communique that legal action could be initiated against those refusing to accept the Rs 10 coin.