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— R. Eswarraj

Need of the hour: A person carrying packets of coins at the ’coin mela’ organised by the Kanara Chamber of Commerce and Industry in Mangalore on Wednesday. —

Our Bureau

Mangalore, May 21 The ‘coin mela’ organised by the Kanara Chamber of Commerce and Industry (KCCI) here on Wednesday evoked good response where nearly Rs 7.5 lakh of small denomination currency coins were distributed in 45 minutes time.

The coins were distributed to the members of KCCI against cash. Each member was allowed to take a minimum of Rs 2,500 and a maximum of Rs 10,000 currency coins on the occasion.

Hotel owners and small retail store operators came in good numbers to collect coins. Mr Kudpi Jagadeesh Shenoy, President of the Dakshina Kannada District Hotel Owners’ Association, told Business Line that hotel operators, small retail stores and city bus operators face acute shortage of coins in the district.

He felt that the scarcity of small denomination currency coins in the region could be in the range of Rs 25 crore a month. “If a hotel has a business of around Rs 10,000 a day, the scarcity of small denomination currency coins is in the region of Rs 2,000,” he said.

Mr K. Narasimha Prabhu, President of KCCI, said that KCCI had requested the Reserve Bank of India to release enough quantities of coins to the district.

Based on this, the RBI had released Rs 70 lakh of small denomination currency coins to the district.

The RBI would be again requested to release some more coins to the district. The KCCI would hold similar mela in June.

Nearly 150 members of KCCI were benefited of this mela, he added.

State Bank of India, Canara Bank, Syndicate Bank, Vijaya Bank and Corporation Bank participated in this mela.

Mr B. Prakashchandra Shetty, Deputy General Manager of Vijaya Bank, Mangalore, inaugurated the mela by handing over coins to Mr Shenoy.

More Stories on : Events | Karnataka

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