CHENNAI: The Diwali rush has begun and coins of Re 1 and Rs 2 denomination as well as notes of smaller denomination are becoming difficult to get. While shopkeepers in the city said they were forced to buy coins and notes from unauthorised agents at a premium, RBI sources denied there was any shortage and said private agents were hoarding the coins to be sold just before Diwali. The commission on notes and coins ranged from 1.5% to 13%. Coins, especially, are hard to get and cost 15% more, say private agents. They say a bundle of 100 crisp Rs 10 notes costs Rs 100 while a bundle of Rs 20 notes costs Rs 300. And a bag of 2,500 coins, regardless of the denomination , comes for Rs 375. Traders in T Nagar and Koyambedu, where the problem is said to be severe, claimed they had to depend on agents as banks refused to provide adequate low denomination currency. "This is the only time small-time agents like us can make some money. There is a demand for coins and we are doing our best to supply traders coins and notes,'' said G Manickam , who deals in coins and currency.
G P Borah, General Manager, Issue Department, Reserve Bank of India, told TOI that coins worth Rs 3.7 crore had been pumped into the city during the last one week to meet the demand and that there was no shortage. "We are sending periodical coin remittances to the banks for distribution to the public besides issuing coins in small numbers to retail customers at our bank through the Coin Vending Machines. Due to heavy demand for coins for the ensuing festival season, we are also issuing coins to banks over our counters on production of certain documents such as trade licence, service/sales tax challan copy, PAN card, etc. We also have a tie-up with a few banks to distribute coins once a month in major market areas like Aminjikarai, Koyambedu, Purasawalkam, Egmore, Selaiyur, T Nagar, Washermenpet and George Town in co-ordination with respective traders' /merchants' associations," he said.
TOI
