RBI should issue gold and silver coins

Kashmir Times. Dated: 10/19/2019 12:32:35 AM

Dear Editor,
Several private companies both Indian and foreign are making huge profits by marketing gold and silver coins by selling these at exorbitant prices with photos of celebrities (like Sachin Tendulkar) and Hindu gods and goddesses (like Lord Ganesha) embossed on these coins. Reserve bank of India (RBI) and Union Finance Ministry should take immediate steps to stop sale of such profit-making coins in gold or silver. Gold and silver coins issued in British regime are available in plenty as duplicates because of their popularity as auspicious and gift items even though fabrication of fake gold and silver coins is crime.
Union government should take steps to counter the menace. RBI can issue official 24-carrat gold in Rs 25000 denominations with weight of 5 gms. in tamperproof numbered plastic-packing to avoid fake coins. Face value of coins can be increased with rise in gold-price. Likewise pure silver coins of 10 gms can be issued in denomination of Rs 1000.
Only RBI should be authorised to issue round-shaped gold and silver coins commemorative ones) to be easily available through all RBI offices, select branches of public-sector banks and post-offices. System will be net revenue earning for Union government because suggested plastic-packed coins will never come in actual circulation.
—Subhash Chandra Agrawal,
1775 Kucha Lattushah
Dariba, Chandni Chowk, Delhi

 

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