Is your shopkeeper palming off some item as a substitute for coins or are you having difficulty in giving the correct change?
A quick survey by the Reserve Bank of India on the availability of coins across 12 cities (100 respondents in each city) bears out the fact of coin shortage in the country.
The survey was conducted in February 2012 following rising complaints from the public regarding non-availability of coins.
According to the survey, about 44 per cent of the respondents reported that shopkeepers gave some items as a substitute for coins. Nearly 56 per cent found giving correct change difficult as coins are not easily available from any source. Eleven per cent of the respondents did not want to spend time in selecting, counting and giving exact change, the survey said.
The survey, which was conducted in February 2012 following rising complaints from the public regarding non-availability of coins, said another 27 per cent cited reasons such as not wanting to carry coins for the shortage.
Main sources
About 77 per cent of the general public and 69 per cent of traders reported that counter-party transactions were the main source of coins. The other source of coins is commission agents.
Only three per cent of the general public and four per cent of traders reported banks as a source of coins. Only eight per cent reported having approached banks for coins in the past one month. The survey also found that most of the people (about 84 per cent) did not deposit coins in banks.
Most wanted
Majority of the respondents reported Re 1 (44 per cent) and Rs 5 (34 per cent) coins as the most needed coins.
The central bank said the survey has provided pointers to better addressing the demand for coins from the public and supply/distribution bottlenecks.
As at March-end 2012, the number of coins in circulation came down to 7802.9 crore (11,218.4 crore as at March-end 2011). This is fall is attributable to coins of 25 paise denomination being withdrawn from circulation from June 30, 2011.
As at March-end 2012, the total value of coins in circulation was Rs 13,500 crore (Rs 12,700 crore as at March-end 2011).
During 2011-12, the total number of counterfeit banknotes detected at banks and the RBI increased by 20 per cent to 5,21,155 pieces (4,35,607 pieces in 2010-11).