New Rs 20 coin being refused by many

Aurangabad, Jan 27:

An unusual situation is prevailing in the city with traders, shopkeepers, vendors refusing to accept the new Rs 20 coins. The same situation prevailed with Rs 10 coins following rumours that the coins were invalid and, fake coins circulated. However, many citizens are not aware of the new Rs 20 coin.

A light, durable and characteristic coin of Rs 20 has come into the circulation. But many are not accepting the coin claiming it to be fake due to ongoing rumours on social media. The new Rs 20 coins are minted in the four mints including Mumbai, Kolkata, Hyderabad and Noida. The Mumbai mint has given a consignment of coins to the Reserve Bank of India (RBI). The coins from the RBI are being sent to the banks through regional offices. The new Rs 20 coin was supposed to come into circulation in April itself, but it could not be circulated due to the nationwide lockdown. Therefore, as soon as the lockdown was lifted, the new Rs 20 coin was made available in the market for the general public. However, some unware citizens are raising suspicion over the coins and are denying to accept them. According to officials, they are trying to create awareness among the citizens, but there is no demand.

Such are the coins

Although they cost more than five and ten rupees coins, they are lighter. The coin weighs 8.54 grams and has twelve angles. The diameter is 27 mm. The edge of the coin is nickel, while the middle is copper and zinc. It uses 65 per cent copper, 15 per cent zinc and 20 cent nickel. On the opposite side, the coin is inscribed with the denominational value 20 having the rupee symbol beside it. Above the denominational value, the design of grains is inscribed, showing the country's agrarian spirit.

No space for coins

As per bank officials, due to lack of space for keeping coins, some banks are accepting coins from one customer up to Rs 100 per day. Some banks recommend depositing coins where the customer has his bank account. However, banks cannot deny accepting the coins from customers. Hence the currency chests of the banks are full of coins with all denominations.