Rourkela: After the demonetization of Rs 500 and Rs 1,000 currencies, a rumor that Rs 10 coins had been declared invalid by the RBI spread like wildfire in Odisha.
The small traders are auto rickshaw drivers are not accepting the Rs 10 coins putting the people in problem. Many local shops and vendors have stopped taking the coins.
The rumor has created considerable panic among residents, with many approaching banks seeking an exchange. Local shops have begun refusing outright any transactions with the particular denomination in coins.
Reserve Bank of India has already made it clear that the coin was very much in circulation and those who refuse to accept it could face legal action.
Rumours had it that some counterfeit coins in two designs had flooded the market, while others said that RBI had phased out the coins and those in circulation were fake.
Meanwhile, counterfeit coins of Rs 10 have found their way into the Odisha market.
The coins are in massive circulation in Rourkela, mounting the woes of people who are already waiting in long queues for low-value currencies.