Government admits shortage of coins

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Dear Editor, 

It refers to Union Minister of State for Finance Jayant Sinha on 10.05.2016 in Rajya Sabha admitting huge shortage of coins minted in the country where even increased coin-supply of 9258 million pieces of coins in the fiscal-year 2015-16 was far behind the RBI-indented 14240 million pieces of coins.

Traders are now taking advantage of shortage of coins by giving unwanted items like candies and chocolates at printed MRP with huge trade-margin. Department of Consumer Affairs wastes funds on giving advertisements advising people not to accept candies and chocolates in place of coins at a time when government itself admits shortage of coins.

Coin-production can be increased by stop minting coins of rupees two denomination to concentrate more on minting coins in denominations of rupees one and five. Any data of ‘increasing’ popularity of coins of rupees two denominations is fake because coin-bags of this denomination are forced in absence of coin-bags of rupee one.

People to have to unwillingly accept candies in place of rupee one coin where two-rupee coins are in plenty. Fifty-paisa coins should also be discontinued, and size of one-rupee coin be further reduced to that of erstwhile ten-paisa coin for reducing mint-cost and to increase production.

 

MADHU AGRAWAL

1775 Kucha Lattushah

Dariba, Chandni Chowk

New Delhi-110006 (India)

 

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