Even on a peak summer day in May, it is easy to notice long queue of people scrambling, outside the office of Reserve Bank of India in Kolkata, for one the most circulated commodity around —small denomination coins, of one two and five rupees. RBI opens up its counters every morning for exchange of high denomination notes with coins, but over the last six months the wait for the small metal pieces is just getting longer. The wait is not without reason. In fact, it is a business of sorts. Adjacent to the RBI premises sit scores of people who buy coins and sell them with huge premium. Over the last three months the price of small denomination coins in gray market has shot up by almost double. Thus, while three months ago, hundred coins of one rupee were selling at a premium of Rs 10, at present same coins cost Rs 20. Notably, it is illegal to sell coins, as they can only be exchanged. One of the key reasons for sudden demand and supply-mismatch for coins is the recent RBI decision to curtail bulk issuance of coins to traders through its offices.................
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