AHMEDABAD: If those into the business of exchanging old currency for new are to be believed then city-based trader Ravi Gupta is just a small fish in the world of racketeers, who are minting money from currency coins. In Ahmedabad there are over 100 traders who hoard currency coins and either sell them off at a premium to those in need or a few who, like Gupta, smuggle it out of Gujarat. The RBI has blacklisted more than 100 city-based traders. This punitive action was initiated when RBI officials suspected that the traders were indulging in illegal activities. Gupta, and his accomplice Jeetendra Rajai, were arrested last week following seizure of around 7 lakh coins from a truck near Dahod check posts. Reserve Bank Of India (RBI) had filed a complaint with Naranpura police station officials in the case. Gupta, who runs a money exchange shop in Bapunagar, told police that he had been availing coins from RBI. As per the norm, public can avail coins through banks selected as currency chests or through RBI. However, those in the illicit trade misuse the allotment of coins and employ men, who posing as working for an eatery or a business firm, procure coins from RBI or other banks. "Selling coins has become a huge business as any roadside eatery or a grocery store is always in need of change (coins). Considering the profits involved, several traders in the business have employed men who regularly procure coins from RBI and sell them off in the market for a premium. For a change of Rs 500 the dealer would charge anything between Rs 600 to Rs 700 depending on the client," said a trader, who has himself employed 20 men to collect coins from RBI.
TOI
