Be careful of Fake Coins in India




During a surprise vehicle checking, a car was stopped by Anti Auto Theft Squad (AATS). On checking the car, two plastic bags, each containing 20 packets of fake Indian coins, were recovered.

A man was arrested on Sunday from Rohini in outer Delhi and counterfeit coins of face value Rs 40,000 were seized from him, police said. During a surprise vehicle checking, a car was stopped by Anti Auto Theft Squad (AATS). On checking the car, two plastic bags, each containing 20 packets of fake Indian coins, were recovered. Each packet contained 100 coins, they said.

During questioning, Naresh Kumar (42), who was driving the car, confessed that after suffering losses in business he joined hands with Sonu and Raju to supply counterfeit coins in the market for easy money, a police officer claimed.
He alleged that Sonu and Raju mint counterfeit coins of face value Rs 5 and Rs 10 at a factory in Bawana Industrial area which are supplied to different parts of the country, police said.

A rumour that Rs 10 coins had been declared invalid by the RBI spread like wildfire in Agra, with residents turning up at banks with the coins and asking for notes in exchange. Many local shops and vendors have stopped taking the coins. According to information, the rumour started doing the rounds some days back after someone posted a message on WhatsApp.
Pankaj Saxena, lead district manager for banks in Agra, said, “There is no such move by the RBI to withdraw Rs 10 coins, and an FIR could be registered against a person for refusing a legal form of money. I have come across this rumour which is doing the rounds. Bank officials have been asked to spread awareness among people and tell them not to panic.”

Saxena added that as there was no written complaint against anyone yet, no action can be taken except for ignoring such rumours.

However, he clarified that if someone does turn up with coins and seeks to exchange them at babnks, it cannot be refused by the latter. “But there is no such need for this as there is no announcement of withdrawal of the coins,” he added.

The rumour 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.
Suresh Kumar, a paan shop owner at Sanjay Place said, “It’s been around a week now that we have stopped taking Rs 10 coins. It could be false information, but we will wait for an additional couple of days to understand what is happening.”

Pulkit Singh, a resident of Kamla Nagar, said, “I had a heated argument with a vegetable vendor after he refused to take the money. At last I had to back off and give him a note instead.”

It is not only Rs 10 which has gone out of circulation. Even 50 paise coins are not accepted at most places.
Saxena clarified that 50 paise coin has also not been withdrawn, although there was an announcement regarding this. “RBI will very soon come up with a clear-cut direction in this regard,” he added.

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