‘Coin mela’ receives good response

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Business: People showing the coins that they secured at the ‘Coin Mela’ in Mangalore on Wednesday.
Business: People showing the coins that they secured at the ‘Coin Mela’ in Mangalore on Wednesday.

Staff Correspondent

Coins worth Rs. 7.5 lakh were exchanged at the event organised by KCCI

RBI had released coins worth Rs. 70 lakh

to the district

KCCI to seek release of coins worth Rs. 1 crore to the district

MANGALORE: Dakshina Kannada in general and Mangalore in particular are facing an acute shortage of coins. This was evident from the people’s response to the “coin mela,” organised by the Kanara Chamber of Commerce and Industry (KCCI) here on Wednesday.

The banks could not meet the demand for coins from retail traders, hoteliers and others. They exchanged coins worth Rs. 7.5 lakh in half an hour. Coins of the denominations of Re.1, Rs. 2 and Rs. 5 were exchanged. However, many people were disappointed as they had to return empty-handed.

“There has been a shortage of coins of all denominations in the district for the past two years. It has become acute in the last few days,” said Deviprasad, who is in the hotel business. He said that he wanted more coins.

Raghavendra Rao, the owner of a hotel , said that earlier he had exchanged coins by paying 5 per cent commission to suppliers in the market. He said that 25 paise and 50 paise coins were not much in circulation and that the hotel industry needed these coins.

Mr. Rao said that he secured coins worth Rs. 5,000 in the mela. He said that it would last him only a week and that he wanted coins worth Rs. 10,000.

He said that hotels, eateries, shops and other establishments gave chocolates if they did not have change. . “Not all customers like this,” said Mr. Rao. “Students do not object if they are given chocolates worth 50 paise instead of coins. But it is not like that everywhere,” he said.

Coin size

Mr. Rao said that earlier the Government did not alter the size and design of coins of specified denominations. “But the new Rs. 5 coin looks like a 50 paise coin. One has to observe carefully to differentiate between coins of Re. 1 and Rs. 2,” he said.

Srikant Rao, who owns a workshop, said that he secured coins as he needed them while disbursing salary to his employees.

Gururaj, who manages a hotel, said that his hotel required coins worth Rs. 1,000 of different denominations in a day. He secured coins of Rs. 5 denomination worth Rs. 10,000 at the mela. A bus conductor was seen asking for coins at the mela.

Kumble Narasimha Prabhu, KCCI president, said that the Reserve Bank of India had released coins worth Rs. 70 lakh to the district. Of that, coins worth Rs. 50 lakh had been released to Mangalore city. These coins were symbolically released at the KCCI on Wednesday by B. Prakashchandra Shetty, Deputy General Manager of Vijaya Bank, regional office, Mangalore.

Mr. Prabhu said that he would meet Devaki Muthukrishnan, Regional Director of RBI, Bangalore, on Thursday to urge her to release more coins to the district. The chamber would seek the release of coins of different denominations worth Rs. 1 crore to the district soon.

The State Bank of India exchanged coins worth Rs. 1 lakh.

Corporation Bank and Vijaya Bank distributed coins worth Rs. 2 lakh each. SyndicateBank and Canara Bank distributed coins worth Rs. 1.25 lakh each.




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