......An examination of the scarcity of coins in various parts of the country might offer a bigger picture. Earlier this year, the RBI had decided to back out from retail operations and hence halted their distribution of coins from its offices. But there are allegations of procedural inexperience of the present distributors, which has further resulted in the rising price of coin and an uneven demand-supply ratio. Inadvertently this is affecting the economy very badly. Let’s do a simple math. Suppose in Manipur, a one person loses Rs 3 a day while shopping; then the state loses Rs 81,65,268 daily, if we take into account the present population of 27,21,756 as per the 2011 census. Needless to say, some economists measure the shortage of coins is adding to 3% to 5% inflation in the national economy.........
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1 comment:
Government authorities should advise lakhs of temples to open their hundies at least once a week and tender them to banks who may issue such coins liberally which may ease coin shortage to some extent. All the mints also produce sufficient and supply to RBI large quantities of coins of denominations. Further direct supply of coins to the banks without routing through RBI may be considered.
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