It refers to Central Government stopping minting of coins because of alleged poor demand and storage-problem, meaning thereby not utilising heavy expenses done on running mints. Undoubtedly supply position of coins now-a-days is satisfactory. But total stopping of coin-minting may again result in
shortage of coins causing black-marketing of coin-bags at heavy premiums ranging from 15-20 per cent.
Instead of stopping coin-minting, steps should be taken to ensure availability of coin-bags of various denominations in all bank-branches (private or public-sector) including in small bank-branches so that shopkeepers may not have excuse to force unwanted items like candies and chocolates in name of non-availability of coins. Shopkeepers have made a practice to force such unwanted items as replacement of coins for minting extra profit on these items.
At the same time to always ensure adequate coin-supply in future, there should be just two denominations of coins. Coins of only rupees 1 and 5 should be minted abolishing minting in denominations of rupees 2 and 10. Ten-rupee coins are still not popular though having been in circulation for last so many years. Moreover fake coins in ten-rupee denominations are minted because of high profitability due to high face-value. Artificial data of popularity of two-rupee coins is because of their coin-bags being forced by banks in usual absence of bags of one-rupee coins. Shopkeepers do not return one-rupee coin because of poor availability. Consumers will be happier with one-rupee coins because of their being light in weight and
flexibility in use.
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© 2017 State Times Daily Newspaper