Severely affected by the shortage of coins in circulation, retailers in the city have been forced to pay 8% premium to get 100 Re1 coins in the black market. This means they pay Rs8 to Rs10 extra to get 100 coins in Re1, Rs2 and Rs5 denominations.
Always carry loose change when you go grocery shopping else you might be forced to buy chocolates or pay extra.
Severely affected by the shortage of coins in circulation, retailers in the city have been forced to pay 8% premium to get 100 Re1 coins in the black market. This means they pay Rs8 to Rs10 extra to get 100 coins in Re1, Rs2 and Rs5 denominations.
“The Reserve Bank of India (RBI) stopped giving us coins last year. Now, we are forced to get change from beggars and eunuchs, who charge us Rs5 to Rs10 extra,” said Sanjay Avhad, a vegetable vendor at Nana Chowk.
For the last one year, the Retail and Dispensing Chemist Association has been complaining to the Reserve Bank of India about this problem. There are 5,500 chemist shops in the city affiliated to the association.
“In response to our letter on the issue, the RBI said there is no system or requirement of allocation of any quota of fresh notes/coins to individual customers by the RBI. The bank branch is the best place to assess the requirement of the customer,” said Prasad Danave, secretary of the Retail and Dispensing Chemist Association.
“But, when we contacted our banks, they did not entertain us. Now, we have no option but to get coins from the black market because you cannot argue with your customers every day over Re1. Some of our members have official visiting cards of agents who claim to provide coins for a commission,” he added.
But banks claim they, too, are helpless.
“Customers always demand cash in lower denominations. Even if we want to give in to their demands, we are helpless because we, ourselves, have no change,” said a branch manager of a nationalised bank on condition of anonymity.
Even taxi drivers are facing the brunt of the shortage of coins. “As per the fare structure, we need 50 paise and Re1 coins.
Sometimes, passengers tell the drivers to keep the change, but on many occasions they argue with the taxi driver for even 50paise,” said AL Quadros, general secretary of the Mumbai Taximen’s Union.
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