No shortage of coins, five rupee coin in stainless steel soon

New Delhi, Aug 16 (UNI) The Reserve Bank of India (RBI) today gave a categorical assurance to the public, including the business community, that there was no shortage of coins, which would be made readily available at the offices of the Central Bank and designated commercial banks.

Addressing a Press Conference here, Delhi Regional Director, RBI, said there have been complaints from some quarters about inadequate availability of coins. In this regard he said there was no shortage of coins.

In Delhi, for instance, 19 commercial banks through their 107 branches will be distributing coins. Besides, the coins will be made available at the Regional Office of RBI at Sansad Marg.

Mr Khan clarified that there was no premium on exchange of these coins and said reports of compliants that cupronickel coins were being diverted for other purposes are being looked into by the government. He admitted that the RBI has received complaints of hoarding of the coins as well as diversion of these coins for purposes other than currency.

He, however, refused to divulge as to what was the action that the government proposes to take in this regard.

Mr Khan said coins of Rupee one and two denominations and five rupee denomination were being supplied through the identified outlets.

The official said the five rupee coin, which is made from cupronickel metal, would soon be made from stainless steel.

He said there was a view point that the intrinsic value of the rupee five coin and its face value differ. He, however, added that melting and moulding of coins is an expensive business.

"In case of any difficulty, the public can approach the officials of the Issue Department of the RBI", he said.

UNI