The revelation made by a Member of Parliament that Indian coins are being smuggled out of the country to Bangladesh at prices higher than their face value to be melted and moulded into stuff like jewellery and pen-nibs is shocking. The Union Government and the Reserve Bank of India should take immediate measures before this practice of melting five and ten-rupee coins starts in India itself. The best way out would be to have coins of just three denominations – one rupee, five rupees and ten rupees apart from a limited quantity of 50-paise coins – in different shapes and thickness for easy recognition but only in stainless steel. This will largely reduce minting costs and prevent misuse.
Madhu Agrawal, Delhi (HBL)
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