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N.S.Vageesh

Chennai, Oct. 12 For those complaining about the lack of coins and small change in various parts of Tamil Nadu, there’s good news just ahead. It’s literally going to pour coins across the State during the next few weeks.

The Reserve Bank of India has taken action to step up the supply of coins.

According to Mr F.R. Joseph, RBI’s Regional Director, Chennai, “While the Chennai office of RBI had issued 113.83 million pieces of coins during the one-year period from July 2006 to June 2007, we have issued 63.25 million pieces of coins already in just the last three months, i.e., from July to September 2007.”

He said that in order to meet the festival demand, the Chennai office of RBI recently received a supply of nearly 61 million pieces of coins in different denominations. It is making arrangements to send coins to over 300 currency chests in the State. Besides this, notes and coins are also issued over the RBI counters as exchange to both bulk customers such as hoteliers, restaurants, and retailers, and also in small pouches to members of public for their individual needs.

Mr Joseph added, “In order to reach out to the common man, we have since expanded the distribution channels for issue of coins by entering into an arrangement with five Post Offices in Chennai, viz., GPO, Anna Road Head Post Office, T. Nagar Post Office, Triplicane Post Office & Anna Nagar West Post Office. These days, on an average, nearly over one million pieces of coins in various denominations are issued to customers over the RBI counters.”

He expressed the view that the steps to flood the market with coins to fight shortages would have a salutary impact. This is a cyclical phenomenon and very soon the reverse flow, from the public to the banks, would begin as it happened during 2004-2006.

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