Dream bike: TN youth pays Rs 2.5 lakh in one rupee coins, begins converting them to currency notes

Salem, Mar 29: After the initial euphoria of buying his dream bike at a whopping Rs 2.50 lakh in one rupee coins, 29 year-old Bhoopathi from Salem in Tamil Nadu is now busy converting the coins back to currency notes, owing to the bank strike underway as part of the call given by various trade unions against certain Central policies.

He has been approached by a few hotels expressing keenness to accept the coins in exchange for currency notes, he claimed.

"I had assured the bike showroom manager I would take responsibility to convert the one rupee coins to currency notes in case of any difficulty. Due to the ongoing bank strike, it appears I have to convert them to currency notes," he told PTI.

Within a day he had managed to convert 40,000 one rupee coins into currency notes and claims it would not be difficult to convert up to Rs 2 lakh.

"Oh yes, as it is buzzing in everyone's mind, it appeared weird to me too, initially," Bhoopathy exclaims with a laugh, as to why he chose to produce one rupee coins to buy a popular 400 CC motorcycle.

The way in which he brought the coins in a wheelbarrow caught the attention of many in the social media on Monday.

"Of course, I thought it would be a better idea to pay in one rupee coins as I found it difficult to acquire five rupee coins with which I commenced to save," Bhoopathy, a youtuber, said.

He had first saved Rs 10,000 in multiple currency notes and later took pains over the course of four years, depending on hotels, banks and brokers to convert all his savings to one rupee coins. "I withdrew my money from the ATM and converted them," he adds.

He had narrowed down on a showroom in Salem after the manager said he has the vehicle the Youtuber desired for.

"I convinced him to accept the one rupee coins and even assured to take the responsibility to convert them back to currency notes if he faced any difficulty," Bhoopathy, who works as a computer operator of a private firm, said.

The showroom manager Mahavikranth said Bhoopathy's proposal was rather strange "but I didn't want to disappoint him."

"Normally, banks levy a cash handling charge of Rs 140 for Rs one lakh in 2000 denomination. This is practically impossible owing to the bank strike and in all probability of bankers declining to accept one rupee coins," the manager said.

Finally, when Bhoopathy agreed to ferry the coin bags in a minivan to the bank, the manager decided to sell him the bike for Rs 2.5 lakh (in addition to the balance sum of Rs 10,000), a day ago.

"It took nearly 8 hours to count the coins with the help of 12 persons including the staff and my well-wishers," Mahavikranth said.

Bhoopathy's joy knew no bounds when he rode the the vehicle. Videos of the man filling up bags with coins and ferrying them in wheelbarrow and counting the coins have gone viral in the social media.