By Vipin Agnihotri
What is going on in Lucknow? Humorous as it sounds, Lucknow is reeling under acute shortage of coins because the Reserve Bank of India (RBI) is yet to ensure a proper supply of coins.
It is worth pointing out that the RBI claims of ensuring proper coin supply in the market has set up only one coin dispensing machine for hundreds of people, especially the petty traders who visit the RBI Gomtinagar daily to get coins.
“We have to stand in queues for hours to get coins. It is time consuming and affects our business too,” pointed out Kshitiz Joshi a grocery shop owner. The business community, especially big business, are not happy as the machine dispenses only a small amount of money at one go. It sounds comical, but unfortunately it’s true.
It has come into the notice of The India Street that the Reserve Bank of India has also made poly-packs of Rs 2 and Rs 5 coins available at its counters. Although, their distribution too is limited. Furthermore, the RBI has also set windows in a number of branches of nationalized banks to ensure proper flow of coins in the market.
Though, this too has failed to check the crisis as most of these banks have confined the facility to account holders only. “Apart from bonafide customers, we are distributing coins to non-account holder as well, “pointed out a bank official.
Meanwhile, the coin crisis has turned into a money minting exercise for a select few. These people are doing brisk business. Traders and shop owners have no other choice, but to turn to these grey market people to meet their daily demand of coins. If experts are to be believed, these grey marketers of coins have developed a network of coin collection executives in nearby districts. It’s the job of these executives to collect coins and parcel it to their head for a commission.
Vishal (name changed), a regular coin supplier in Lucknow said: “We manage coins from different districts. We even have sub-agents in towns and villages. They collect coins and send them to Lucknow for a commission”. Vishal claimed, “Coins are being smuggled to North Eastern States and Bangladesh where they are used to manufacture razor blades, ear rings and statues from nickel and copper in coins.” Sounds like the metal is worth more than the coin.
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