Need for more low denomination change for small purchases

02 January, 2013

The ATMs of banks supply 500 and 100 rupee notes. Retired people like me need coins and 10 rupees notes while travelling and grocery expenses. But buses and shopkeepers refuses to accept big notes for small purchases.

PEOPLE ARE facing 'change' problems. In the market shopkeepers ask for change. In buses conductors ask for change. If you do not oblige you are asked to get down - accompanied with a shower of abuse.

At ATMs or at banks savings counter, notes of smaller denomination are not available. Coins? It is unheard of. From the counters of the Reserve Bank of India office in Kolkata, 10 rupee notes were being given with a restriction up to four thousand. Coin vending machine allows Rs. 500 per individual. From the last month, Reserve Bank has reduced the limit to two thousand for ten rupees and 100 for the coin of the same denomination.

To reach the Reserve Bank we have to toil standing in the queue for four hours, and travel by paying Rs. 14. There are brokers who are charging Rs. 30 per 100 for coins and for one ten rupee bundle, the cost is Rs. 15.

At State Bank there is a coin-vending machine jealously guarded by a security personnel. He allows us to exchange only one ten-rupee note.

On enquiring with the Reserve Bank, we came to know that it is the duty of the bank to provide us with coins and changes. The format rule is that we have to requisition the cashier with a self cheque. Cashier will arrange the required amount at a specified date. We have to go sign at the back of the cheque and he will enter in the pass book and hand over the money.

In practice when I approached RBI, the bank denied that such a facility exists. On informing that I got the news from an RBI official, I was asked to come the next day. This 'tomorrow' never came. Every time I approached, one or the other lame excuse was given. But no remedy.

If the government has a short fall in currency notes or coins then let them issue smart cards like railways, and ask vehicle operators and shop keepers to honour it so that we can buy items or pay bus fare in small denomination. Will the Finance Ministry come out with some solution?