No takers for Re 1 coins in Cuttack

Cuttack:  People as well as several traders in Salepur, Mahanga and Nischintakoili areas of Cuttack district are now left in lurch following rumours that Re 1 coin has been declared invalid by the Reserve Bank of India. Situation is such that many including banks are allegedly not accepting the coins citing lack of adequate chest to stock them.

“Non-acceptance of coins, especially by banks, is posing serious problem for us. We are accepting coins but customers are reluctant to take them. How can we do business under such circumstances,” questioned, Ajaya Kumar Sahu, a trader.

Small traders are the worst sufferers due to the unofficial “coin ban” with each of them sitting with coins worth thousands. The shop keepers here alleged that banks are refusing to take deposits in coins citing lack of chests with them.

The customers are also at the receiving end as some shop keepers are refusing to accept the Re 1 coins.

“The shopkeepers are not accepting coins following the rumours. We have no information regarding ban on coins,” said Ranjit Swain, a local resident.

On the other hand, the bank authorities informed that Re 1 coin is completely tender valid as no orders have been issued by the government over the redundancy of the coin.

“This is only a rumour and all the coins including the Re 1 coin are valid until any advisory about the redundancy of coins is issued by the RBI,” said Deputy Manager of Salepur State Bank of India (SBI), Kuanr Chandra Hembrum.

Hembrum further stated that banks are receiving coins from the depositors while stringent action will be taken against those who are spreading such rumours.