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Crime: Cashing big on small change

Black marketing of coins and currency notes of small denominations is thriving in the city.

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Black marketing of coins and currency notes of small denominations is thriving in Pune. Petty traders, and even beggars, are selling them at a premium.

If the city police officials are to be believed, the illegal business is mainly concentrated in Guruwar Peth, Appa Balwant Chowk and other Peth areas.

“Traders and hoteliers of the city need huge amounts of small change on a daily basis for business transactions. They throng these areas to buy it,” said a police official.

A city hotelier conceded to DNA that they have little option but to buy change at a premium. Apparently, a leading public sector bank in the city is responsible for providing small change to traders.

“But the process of getting the change is pretty cumbersome. One has to apply to the bank and deposit the amount that one needs in small change and wait for two days before the bank supplies it. Traders cannot wait for two days as our business would suffer,” said the hotelier.

The traders said that one has to pay an additional Rs125 to get a change of Rs1,000 in coins. The coins are available in denominations of Re1, Rs2 and Rs5.

“To get a bundle of Rs10 and Rs20 notes amounting to Rs1,000, one has to pay an additional Rs50. For those traders seeking change of Rs100, the rates vary between Rs15 and Rs30. The rates keep changing and during festivals it is higher,” said a trader.

The president of hotel association of the city, Ganesh Shetty told DNA, “It is impossible for most traders to wait for banks to give change.”

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