Reserve Bank official: Change coins worth Rs. 190 Crores in circulation!
Posted on: 13/Mar/2015 6:49:58 PM
A Reserve Bank of India Official informed that change coins worth Rs. 190 Crores have been circulated in Tamil Nadu & Puducherry.
Shortage of change coins has been a major issue in both small shops and huge commercial complexes.
There are boards in places like hotels, textile shops, grocery shops, and commercial complexes, announcing that ‘Rs. 100/- commission for offering change for Rs. 1000/-‘
All conductors ask for change as soon as entering in the bus. The slogan, Tender Exact Change’ is seen in several places inside the bus!
Earlier, traders used to give chocolates in place of Re. 1/- or Rs. 2/-. Now-a-days, they have started giving chocolates in place of Rs. 5/- as well.
A Reserve Bank of India official explained regarding shortage for change coins:
RBI set Rs. 136 Crore worth of change coins totalling 40 crores in number during the year 2013-14 in circulation In Tamil Nadu & Puducherry.
RBI had set Rs. 190 Crores worth of change coins totalling 71 crores in numbers for the year 2014-15 in circulation in Tamil Nadu & Puducherry.
For the next year, RBI has planned to set Rs. 250 Crores worth of change coins totalling 90 crores in number!
The total number of coins has been increased according to the increase in population. Change coins are distributed in Tamil Nadu through Exchange Melas. The traders’ association s have been informed to get coins in exchange for old currency notes.
Hence it leaves doubts whether coin shortage is real or man-made. If the people carry enough change, the traders would be forced to dispense with the habit giving chocolates in place of coins!
Other answers given regarding change coins:
· A single individual can obtain change for up to Rs. 3000/- in a month from RBI. 3 payments, each worth Rs. 1000/,- may be made.
· There are 394 change dispensers installed in Tamil Nadu. There are 2 change dispensers installed in the current Tourism & Trade Fair in Chennai.
· Printing of new Re. 1/- currency note is in full swing. Tamil Nadu may require 500 boxes, each box containing 1 Lakh notes). There may be some delay in sending new Re. 1/- currency note to Tamil Nadu.
