Coin fair to end currency crisis
Cashbox jingling has been less of late as the city market is witnessing
a crisis of coins.
To dispel the ongoing crisis temporarily, Federation of Jharkhand
Chamber of Commerce and Industries (FJCCI) today organised a coin fair, where
Rs 8 lakh worth coins were released in the market today.
The coins were distributed among the city shopkeepers. The coin fair was jointly organised by
FJCCI, Reserve Bank of India (RBI) in association with Bank of India at Chamber
Bhavan.
Currency of 25 paise, 50 paise, Re 1 and Rs 5 denominations, which had
all of a sudden disappeared from the market, were circulated at the fair. Few
days ago, the shopkeepers of the city requested the FJCCI to look into the
matter and bring out a solution to the crisis situation.
Anchal Kinger, the president of FJCCI under whose initiative the fair was organised,
said that the step was undertaken after a series of complaints from businessmen
and shopkeepers.
“The situation is very bad in the market. There is no coins in the market and trading has become quite
difficult. Customers had to unnecessarily buy toffees and other things as the
store owners could not supply them with change of 50 paise or Re 1 coin. Even
commuting became a problem for the people of the city as there were no coins in circulation. To end this
crisis the chambers contacted the RBI to release some coins in the city market.
The initiative was taken keeping the inte- rest of the businessman and traders
in mind and save them some trouble in trading,” Kinger said.
He added: “Hopefully, this crisis will improve soon, if even marginally,
as we have released many coins of different denominations here today.”
The total demand placed before the chamber by the shopkeepers was around
15 lakh. “We have already distributed Rs 8 lakh coins among the shopkeepers,
who had approached us, today. Three truck loads of coins from
A next consignment with coins worth Rs 8 lakh is expected to arrive soon.
“There is additional requirement of 50 lakh coins in the market which is
expected to be fulfilled when we organise the coin fair next week,” claimed
Kinger.
Source: telegraphindia.com