While city residents
are still complain
ing about the shortage of coins, various authorities including the Reserve Bank of India (RBI) have refused to recognize this problem.
The RBI Deputy Governor KC Chakrabarty during his recent visit to the city said that it would be incorrect to say there is a shortage of coins in the market.
“There has never been any discrepancy in issuing the coins as far as the RBI is concerned,” he said.
According to RBI Deputy Governor, the actual problem lies in the distribution of the coins.
The RBI has identified “distribution” and “delivery” as the constraints leading to shortage of coins and currency notes across markets in the country.
“We have identified that distribution is an issue in this respect even as the last mile delivery has also been a problem,” the RBI Deputy Governor said.
Distribution of coins and currency notes across six lakh villages in the country is not an easy task and it depends on the network available. “Even banks do not have such a network”, the RBI official said.
The Committee, which Chakrabarty heads, has submitted the report and recommendation to the Government recently mentioning in detail the measures to be taken by banks and governments to act upon in order to tackle the menace.
Citing accumulation of coins by individuals as one of the major reasons affecting the distribution, the RBI official said this unusual practice has of late caused some friction in the smooth circulation of coins in the market.
“I got a call from a lady few days back. She had accumulated a huge number of 25 paisa coins and wanted my help as she had missed the last date to exchange these coins in the bank,” Chakrabarty said.
When asked about the common practice of shopkeepers in the city who force the customers to take coupons, sweets etc. in lieu of change, the RBI Deputy Governor termed the practice as a business strategy of the sellers.
“I think this the shopkeeper trying to sell his toffee by pretending he does not have a change,” RBI Deputy Governor said in a lighter vein.
Meanwhile, a senior SBI official has also denied the shortage of coins of any denominations in the state.
The SBI official said coins of 50-paise, rupee-one, two rupees and five-rupees denominations amounting to Rs15 lakh have been distributed among the people and some traders’ associations.
“Coin melas were also organised in the state in January and May this year and the supply of coins will be increased,” the official added.
The SBI official also informed that coin vending machines have been installed at the main branches of the SBI in Shillong and Tura from where coins of various denominations can be collected.
However, despite these claims the shortage of coins in the state is so acute that shopkeepers are usually at their wit’s end when it comes to giving change in return.
Though the East Khasi Hills Deputy Commissioner Sanjay Goyal has instructed consumers to lodge complaints against shopkeepers offering chocolates, coupons etc. instead of change, there seems to be a bigger issue which needs to be addressed as the situation calls for urgent ground work tracing ‘the path of the coins’.
“It would be wrong to say that shopkeepers intentionally offer coupons, toffees etc. in lieu of change. The blame game should stop and the real culprits behind the menace should be brought to book to put an end to the mal practice once and for all,” said a city shopkeeper while reacting to the above mentioned allegation. (By Lamphrang Nongspung)