Deoghar News: Deoghar Shopkeepers Refuse ₹1 and ₹2 Coins, Customers Face Inconvenience

Deoghar, December 20, 2024: A peculiar situation has emerged in Deoghar’s bustling markets as several shopkeepers and traders have reportedly refused to accept ₹1 and ₹2 coins. This has led to widespread inconvenience among customers, particularly small-scale buyers, as the coins remain legal tender across India.

Widespread Refusal Across Markets

Local markets, including street vendors and petrol pumps, have become hotspots for this issue. Vendors argue that banks are refusing to accept these coins, making it challenging for them to deposit their earnings. “We used to accept ₹1 and ₹2 coins earlier, but banks now reject them, leaving us with no option but to stop accepting them,” said a shopkeeper in the Bilasi locality.

The situation is not limited to small vendors. Petrol pumps in Deoghar have also joined the trend, with notices displayed stating their inability to accept coins. One such notice reads, “Due to the refusal of coin deposits by SBI, we cannot accept ₹1 and ₹2 coins.”

Customer Frustrations and Financial Impact

Customers have expressed their frustration over this issue, highlighting how it disrupts daily transactions. “We often receive these coins as change, but now they are being refused everywhere. It feels like the money is worthless,” said a local resident.

The problem has also impacted businesses relying on small transactions, creating a ripple effect on the local economy. Daily wage workers and small traders have been particularly affected as they often deal in cash denominations of ₹1 and ₹2.

SBI’s Clarification on Coin Acceptance

The State Bank of India (SBI), which has been at the center of this controversy, has clarified its stance. According to the regional manager of SBI, there is no restriction on accepting ₹1 and ₹2 coins. “We continue to accept coins, including those from donation boxes of the Baba Baidyanath Temple. Claims that we have stopped accepting coins are baseless and will be investigated,” the official stated.

This clarification contradicts the claims made by shopkeepers and petrol pump operators, raising questions about communication gaps or potential logistical challenges in coin deposits.

Possible Solutions and Way Forward

Experts suggest that awareness campaigns and better communication between banks and businesses could resolve the issue. The Reserve Bank of India (RBI) might also need to step in to reaffirm the status of coins as legal tender.

The refusal to accept ₹1 and ₹2 coins has not only inconvenienced the public but has also highlighted the need for clear guidelines and enforcement. As the situation unfolds, customers and businesses alike hope for a swift resolution to restore normalcy in daily transactions.