Mumbai: BEST pays staff salary in coins

Brihanmumbai Electric Supply and Transport (BEST) is facing a weird problem these days. The undertaking, which operates a 4,000-bus strong transport system as well as supplies electricity to some 10 lakh consumers has a massive quantity of coins lying in its treasury.

It has been getting a massive quantity of coins from passengers by way of the ticket fare, as well as cash for power bills.

But now no bank is willing to take these coins from the undertaking's 100-150 collection points after a contract with a leading private sector bank ended last year. 

Due to this, BEST is paying its employees some part of their salaries in the form of coins for the last few months. BEST has always been paying its employees a small part of the remuneration in coins for long. However, now the ratio has grown in proportion. 

"I got Rs 11,000 in cash and coins in my last salary, while the coin-cash amount was Rs 15,000 the previous month. We generally get Rs 1,000 each, mostly in Rs 2, Rs 5 coins, and Rs 10 denomination notes, and some part in Rs 10, Rs 50, Rs 100, and Rs 500 notes. The rest is deposited directly into our bank accounts," an employee said.

A conductor of BEST buses said that they exchange the coins with passengers and shopkeepers, who need it in large numbers to run their daily businesses.

Senior BEST committee member Sunil Ganacharya rued the state of affairs and said this 'coins as salary' mechanism has even led to some employees defaulting on their EMIs, among other things.

He added that the BEST committee had given its nod in January for an agreement to be signed with a private bank for cash collection, but some issue was delaying the start of the pick-up mechanism.