Now problem of plenty coins overtakes shortage of coins

Kashmir Times. Dated: 8/19/2019 1:00:35 AM

Dear Editor,
It refers to news-item confirming that despite Reserve Bank of India RBI being in full knowledge of many banks including SBI, HDFC, PNB and ICICI banks refusing to accept coins as deposit in bank-accounts, no practical action is being taken to overcome problem of plenty of coins. RBI is also in full knowledge of high level of unpopularity of rupees-ten coins where these coins are not being accepted in many parts of the country. Instead of discontinuing ten-rupee coins problematic twenty-rupee coins are now soon to be forced on public.
It is true that life of smaller denomination notes is comparatively smaller. But considering non-popularity of coins of rupees-ten (and rupees-twenty), RBI and central government should rather much-awaited plastic currency in these denominations as was announced long back by the then Union Minister of Finance Namo Narain Meena on 12.03.2013 in a written reply in Rajya Sabha. One-rupee notes re-started just for bureaucratic craze of bearing their signatures should be discontinued to be printed as these are not even seen by members of public ever since these were re-issued on 06.03.2015 after a gap of two decades. System should be to either issue coin or note for a particular denomination.
Coins should be minted only in denominations of rupees one and five discontinuing even two-rupee coins, because shopkeepers generally do not return one-rupee coins and instead force unwanted items like candies. Coin-bags in each denomination should be uniformly of 2000 coins unlike present system of 2500 coins in coin-bags of rupee one, and 2000 coins in coin-bags of rupees five or ten. This will avoid confusion regarding number of coins in coin-bags because printing of such number on gunny coin-bags is not clear.
For consumers, smaller coin-packs with hundred coins each in denominations of rupees one and five should be ensured to be always available in plenty in all branches of public and private sector banks.
To overcome problem of plenty, all government-mints may be run in single shift, and efforts may be made to get export-orders for coins to be minted for other countries.
—Subhash Chandra Agrawal,
1775 Kucha Lattushah
Dariba, Chandni Chowk Delhi.

 

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