CHENNAI: Five years ago, R Jayalakshmi (82), of Adambakkam, was given Rs 1,000 in Rs 10 coins. Till last month, she neither used nor exchanged them. But upon being told that a local provision store had refused to accept the coins from some customers, an anxious Jayalakshmi handed over the entire lot to her grandson, hoping he would exchange the coins somewhere.
Not a day passes without S Chandrasekaran, manager, Sri Iyyappa Auto Centre, a fuel station in Saidapet, trying hard to convince customers to accept the coins. He says many remain wary and relent only if a person in front accepts the coin.
“At the end of each day, we have around Rs 1,500 in coins. Depositing them in the banks is cumbersome, so we try to disburse it the next day,” he told Express.
Stringed together, the two examples above are a miniscule fraction of all such incidents. Express surveyed commercial units, including hotels and petrol pumps, in areas like Anna Nagar and Saidapet and was able to perceive the unfounded fear. Traders say they accept the coins from customers, but face a problem when customers refuse to accept the coins.
With such all-pervasive reluctance at its peak, it is an uphill task for the common man to exchange the bi-metallic currency that was introduced more than a decade ago.
D Johnson (26) narrated an incident at Central Mofussil Bus Terminus (CMBT), Koyembedu two weeks ago. At an ‘Amma Water’ vendor. For the three bottles he wanted, Johnson paid `30 all in coins. “The person behind the counter refused to accept the coins. He told me that one coin was okay, but three would pose a problem,” Johnson said.
“There is no facility to count them unlike note counting machines. Also the staff are careful to watch out for fake coins that may be in circulation,” he said.
Last year, the RBI was forced to issue an official statement denying rumours of fake coins in circulation. But, C H Venkatachalam, general secretary, All India Bank Employees Association opined that authorities must consider a continuous public confidence campaign to highlight the message that the coins were still legal tender and refusing to accept them was a punishable offence.