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Mon, 21 Oct 2019

Northeast Today

Despite RBI clarification, no takers for Rs 10 coin in Manipur

Despite RBI clarification, no takers for Rs 10 coin in Manipur
May 17
14:25 2019

NET Bureau

If you happen to board a bus or visit a grocery store in Manipur with Rs 10-denomination coins in wallet, chances are there that you might be shown the door.

Despite regular clarifications by the Reserve Bank of India (RBI), people in Manipur, especially small traders, are reluctant to trade with Rs 10 coins.

While some are aware that the coin is in circulation, skepticism still runs high over the validity of the particular tender among local vendors and shopkeepers.

Th. Manglembi, a teacher in a state-run school, said vendors, mostly grocery stores, do not deal with Rs 10 coin while maintaining that private banks do not accept it.

Vendor P Pishak, a vegetable seller at a local market here, said she does not know the exact reason, but her colleagues have asked her not to accept Rs 10 coins.

Clearing the air on the misconception, Mary Tangpua, the general manager of RBI’s Imphal branch, stated that the reluctance stems out of rumours doing the rounds over the “genuineness” of the tender.

“The Rs 10-denomination coin, which comes in 14 designs, is not counterfeit or fake and can be accepted without any hesitation,” she told.

The Imphal branch of the RBI has been regularly organising “financial literary camps” across the state to educate and enlighten people about valid tender and fake currency, she insisted.

“It’s been 2.5 years since demonetisation, but people here are still skeptical about what is legal and what isn’t,” she explained.

When told that certain banks in Manipur allegedly refuse to accept Rs 10-denomination coins, she said appropriate action would be taken against them, if complaints are filed with the RBI.

Source: Money Control

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