Local traders mint own coins
Coin shortage forced businessmen to take the step of manufacturing their own coins
By : DC Correspondent
Update: 2014-02-23 06:06 GMT
Jaipur: In yet another example of people’s diminishing faith in the system, which should actually worry those who run it, even the currency is now going private. Fed up with the constant problem of securing small change in Kota, the hub of coaching institute for IIT and IIM aspirants, two businessmen have come up with an idea of starting their own coins in the denomination of five.
These coins issued by two wholesale traders of grocery and other perishable consumer goods bear the names of Bhanwarlal Ghasilal Kansuwa and Garg Cash Counter.
The coins are made of iron while steel used for coating. Around 10,000 coins of the value of five were manufactured and sold to retailers in the city for the same price. These coins have been accepted by traders and customers across the city despite the fact that they are illegal.
When contacted both the traders refused to talk. However, according to Dinesh Khunteta, who owns a general store in Kansuwa, the shortage of Rupee 5 coins was so acute that shopkeepers started turning down customers if they didn’t have change as many of them would enter into arguments if a shop owner gave goods of the same value instead of change.
No one knows how this private currency came into existence but it is believed that some retailers suggested to one of them that if he could arrange coins in large numbers he might get business for them.
Mahendra Singh, manager in a public sector bank in Kota, said that whether they are coins or tokens it was illegal to use them as mode of payment. However, Mr Khunteta said, “This was the only practical solution possible. If the government can’t address people’s problem they will have to find their own way.”