The 10 rupee coin chaos in Karnataka and the fake Rs 2000 note from Children Bank of India..

The RBI chef recently said it is important to be thick skinned in such jobs. He also added that “everyone has agreed that not just the RBI, but the wider banking system has done a “Herculean job” over the last few months. Well it is fine to be thick skinned and congratulate oneself, but it is also important to respond to what is going on. However, thick skinned does not mean one becomes insensitive and stops responding completely.

Ever since the central bank agreed to unleash the demonetisation, the Re 10 coin has been one of the unintended victims. There are repeated rumors that this Rs 10 coin is not legal tender. It even got a rare response from the Central Bank on Nov 20 2016 that there is no such case and Re 10 remains legal. But no repeated assurances after that.

So once again the rumors built in Karnataka and no one is accepting the 10 rupee coin. The media reported this on 10 Feb but there is no official notice from the central bank. So people are not accepting the Rs 10 coin in Bangalore (not sure about other regions in the state) and it has been nearly 10 days:

At a time when PM Narendra Modi-led Central government is trying to curb fake currency notes by scrapping old Rs 500 and Rs 1,000 denomination notes, a rumour has spread across Karnataka that Rs 10 coins had been declared invalid by the Reserve Bank of India.

According to the rumour, Rs 10 coins had been declared invalid by the RBI after some counterfeit coins in two designs had flooded the market; as a result, RBI had banned the coins and those in circulation were fake.

Small traders, public transporters and hotels are not accepting the Rs 10 coins. Many local shops and vendors have also denied to accept the coins.

“When I offered a Rs 10 coin to a sweet vendor Krishnamurthy Bhat, he refused to accept it and insisted on a Rs 10 note instead. He said the coins have been banned. I was shocked after listening to him,” said T Sahu, a resident of Bengaluru. Another road-side snacks vendor Murali Kabbaiah just refused to accept the coin with giving any reason.

The rumour has created considerable panic among residents with many approaching banks seeking an exchange. Some local shopkeepers, who are refusing to accept the Rs 10 coins, had rushed to the regional office of RBI here to change the lower value denominations.

However, the RBI made it clear that the coin was very much in circulation in the market and the persons refusing to accept it could face legal action.

 “It has come to the notice of RBI that some people have spread rumours about a ban on Rs 10 coins, which is completely baseless. We will sensitise the people about this. Those who are refusing to accept the coins could face legal action,” RBI’s Bengaluru chief manager PJ Thomas said.
Though RBI Bangalore office says refusing it could be a punishable offence but even government departments like bus services are refusing the coin. There should be continuous monitoring and telling people that these are rumors. These messages should come from both Government and RBI head office as regional office hardly has any say.
Given how horrible the whole cash exercise has been, some sections of the media continue to sing praises which makes you feel even worse. The media’s obsession with RBI continues. It is just unbelievable.
But there is some other news which cheers you up as our authorities have earned it. There are fake Rs 2000 notes issued by Children Bank of India found in Delhi:
At a time when many people are struggling to withdraw cash, a State Bank of India ATM in South Delhi’s Sangam Vihar dispensed fake Rs 2,000 notes. The notes, which could be passed off as genuine at first glance, are replete with errors and seem to be a prank at people’s expense.
The notes, dispensed on February 6, read ‘Children Bank of India’ in place of Reserve Bank of India and ‘Guaranteed by the Children’s Government’ in place of Guaranteed by the Central Government. ‘Churan lable’ in place of the latent image and a fake ‘PK’ logo instead of the bank’s seal, are among some of the other obvious deviations on the note.
1. Bharatiya Manoranjan Bank instead of Bharatiya Reserve Bank
2. Serial number 000000
3. Rupee sign missing
4. Churan Lable instead of strip with leaf markings
5. P.K. logo instead of RBI seal
6. I promise to pay the barer two thousand coupens (sic) instead of I promise to pay the bearer the sum of two thousand rupees
7. Governor’s signature missing
8. Churan Lable instead of the Ashok emblem
9. Children Bank of India instead of Reserve Bank of India
10. Guaranteed by the Children Government instead of Gauranteed by the Central Government
Confirming the development, a senior police officer said that the ATM first dispensed four such Rs 2,000 notes to a customer. “We sent a sub-inspector to verify the allegations. He withdrew one Rs 2,000 note and that also turned out to be fake,” the officer said, adding that the other notes in the bundle were genuine.
The man left with the fake notes has been identified as Rohit, a customer care executive at a call centre located in South Delhi’s Chhattarpur. He had visited the SBI ATM at around 7.45pm on February 6 to withdraw Rs 8,000. “But all the four notes I withdrew were fake,” he alleged. Rohit noticed the deliberate mistakes on the notes like ‘promise to pay the bearer two thousand coupons’ and ’Serial number 000000’ and immediately brought it to police’s notice after which a sub-inspector was sent to the ATM located at the T-Point of Tigri in Sangam Vihar.
Haha..Bhartiya Manoranjan Bank!  Churan Label!
The cash operations have indeed been reduced to a child’s play. Given the situation, a currency note from Children bank of India is not all that bad an idea.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: