Refusal of New ₹20 Coins by Many Raises Concerns

An unusual situation has arisen in numerous cities in India, where traders, shopkeepers, and vendors are refusing to accept the newly introduced ₹20 coins. This scenario echoes the past issue with ₹10 coins when rumors circulated about their authenticity. Unfortunately, many citizens remain unaware of the existence of the new ₹20 coin.

The newly minted ₹20 coins are produced at all four mints, namely Mumbai, Kolkata, Hyderabad, and Noida. These mints have dispatched consignments of coins to the Reserve Bank of India (RBI), which, in turn, distributes them to banks through regional offices. Despite these efforts, some uninformed citizens are casting doubt on the coins and refusing to accept them. Officials are actively working to raise awareness, but the response remains lukewarm.

Bank officials report that, due to space constraints for coin storage, certain banks are limiting coin acceptance from an individual customer to ₹100 per day. Some banks suggest customers deposit coins in accounts held with them. Nevertheless, banks are obligated to accept coins from customers, resulting in currency chests becoming brimmed with coins of various denominations.

There are also circulating rumors about the potential discontinuation of ₹20 banknotes to encourage the use of ₹20 coins.