RBI to introduce Rs 5 FSS coin, negates shortage of coins

Kolkata, Aug 16 (UNI) The Reserve Bank of India will soon introduce new five rupee coins, made with Ferratic Stainless Steel (FSS), RBI Regional Director B Mahapatra said here today.

Presently the coins are made of Copper and Nickel.

Talking to mediapersons, Mr Mahapatra said the coins is likely be released in the market by next month to prevent alleged cases of smuggling and hoarding of coins by Bangladeshi nationals and also reports that coins were melted for trading in metal, prompting the mints to change the raw material used to FSS from copper and nickel.

He further said the RBI had written a letter to the West Bengal Director General of Police to investigate the matter.

Negating the media reports about shortage of coins, Mr Mahapatra said people could obtain coins from the 222 currency chests of RBI in West Bengal, Sikkim and Andaman&Nicobar islands.

''There is no shortage of coins but there was definitely an increase in the demand. We have released 24 million pieces during April-July to our currency chests,'' he added.

He further mentioned that people could even get the coins at SBI, UCO bank, United Bank of India, Allahabad Bank, Corporation Bank and Central Bank of India.

''We have issued 102 million pieces worth Rs 17 crore from the RBI counter alone last month,'' he said.

He even said the RBI here had distributed the coins even to Bhubaneswar, Patna and Jammu and Kashmir.

The regional director further mentioned that bullion vans were being sent to various business areas of the city since last month and next week also it would be going to some places. Each van carries coins worth Rs 2000-5000.

He also informed that during May, June and July about 750 bags of coins were sent to the counters but this month it had come down to 500 bags per day which clearly indicates there was no shortage.

UNI