2017-08-05 Sat

There have been instances in Kolkata where people are exchanging Rs. 500 in currency notes for Rs. 575 in 1 rupee and 2 rupee coins. But the banks are not accepting deposits in coins. Same is the case with local businesses and even auto-rickshaw drivers.

But now, nobody wants coins, which is why money-changers are offering a premium to clear stock of coins to customers. Money changers are now engaged in changing bigger denomination notes into smaller currencies.

After demonetization, the RBI issued a lot of 10 rupee coins to minimise shortage of cash, but they did not release more 1 rupee and 2 rupees coins. There have been reports that coins are found in more numbers these days. Apart from that, there have been rumours that fake coins are being circulated. Banks are also refusing to accept cash in coins.