 "Are your Rs 10 coins being rejected? All you need to know about India's fake currency business")
While the government is trying to curb the menace of black money by taking extreme steps like demonetisation old higher currency notes, India continues to grapple with fake currency coins/notes.
Instances of counterfeit Rs 10 coins being circulated in the market have escalated to such an extent that several shop owners, vendors, small traders and auto-rickshaw drivers are shying away from accepting the 10 rupee coin. Social media has played its role in adding fuel to the fire by spreading rumours.
A Whatsapp message, shared widely, suggested that RBI has declared the Rs 10 coin invalid.
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In June, the RBI issued a new Rs 10 coin, six years after it was introduced. Rumours said that the ones issued by the government previously would no longer be valid.
Some rumours said counterfeit coins in two designs had flooded the market. The others claimed the RBI had phased out the coins and those in circulation were fake. There was also talk of the gold polish coming off.
The Reserve Bank of India (RBI) has on a number of occasions tried to dispel rumours of fake Rs 10 coin in circulation. In September, it categorically stated, "the Rs 10 coin is very much in circulation and those refusing to accept it could face legal action".
RBI asked people not to give importance to canards and continue to accept these coins as legal tender in all their transactions.
“Nothing of that kind has happened. We have not even thought of it,” RBI spokesperson Alpana Kilawala said. “People should not hesitate in using the coins for transactions as these coins are legal tender.”
Instances when fake Rs 10 coins were circulated:
- On October 2, during the surprise vehicle check-point, Delhi police found two plastic bags with 20 packets each of counterfeited Indian coins. The packets contained about 100 coins. This led the police to a coin-minting factory in Bhawana's industrial area. The company had been in operation for the last six months, during which thousands of fake coins had been minted. The police seized Rs 40,000 from there.
- On October 10, Delhi police's special cell burst a module of fake coins with a face value of Rs 5.75 lakh.
- On 16 October, a racket of fake 10 rupee coins was busted by the crime branch. The racketeers operated and circulated fake coins in Delhi and NCR. The crime branch recovered 800 coins of 10 rupee each, 10 dyes used for minting coins, two hydraulic machines and raw materials. A total seizure of Rs 8,000 was made.
What to do when you are doubtful about fake 10 rupee coins?
Approach the bank with the coins instead of verifying with someone or spreading rumours.
Here are some guidelines on real and fake Rs 10 coins:
The Rs 10 coin should be “bimetallic”, circular
It has to be a diameter of 27mm and weigh of 7.71gm