Coin-minting stopped

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Coin-minting stopped at all the four mints due to plenty in stock: Reformative measures necessary

 

By; MADHU AGRAWAL

 

New Delhi,10/01/18:It refers to Central government stopping minting of coins because of alleged poor demand and storage-problem, meaning thereby not utilizing heavy expenses done on running mints. Undoubtedly supply position of coins now-a-days is satisfactory. But total stopping of coin-minting may again result in shortage of coins causing black-marketing of coin-bags at heavy premiums ranging from 15-20 percent.

 

Instead of stopping coin-minting, steps should be taken to ensure availability of coin-bags of various denominations in all bank-branches (private or public-sector) including in small bank-branches so that shopkeepers may not have excuse to force unwanted items like candies and chocolates in name of non-availability of coins. Shopkeepers have made a practice to force such unwanted items as replacement of coins for minting extra profit on these items. 

 

At the same time to always ensure adequate coin-supply in future, there should be just two denominations of coins. Coins of only rupees 1 and 5 should be minted abolishing minting in denominations of rupees 2 and 10. Ten-rupee coins are still note popular though having been in circulation for last so many years. Moreover fake coins in ten-rupee denominations are minted because of high profitability due to high face-value. Artificial data of popularity of two-rupee coins is because of their coin-bags being forced by banks in usual absence of bags of one-rupee coins. Shopkeepers do not return one-rupee coin because of poor availability. Consumers will be happier with one-rupee coins because of their being light in weight and flexibility in use.

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2018-01-19 23:11