Tuesday, November 13, 2012

One rupee coins sold for Rs 10

The city of Hubli - Dharwad in Karnataka are witnessing a strange crisis. They are running out of small change. There is a severe shortage of Re 1 and Rs 2 which are prompting well to do businessmen asking beggars for their change or buying Re 1 coins for a larger amount.
Most of the beggars are given small change which now seem more precious and hard to get than regular money. In the event of no coins, hoteliers are forced to buy the same at a much higher price. 100 coins are now selling for Rs 10-20 as commission over and above the regular Rs 100 for each bunch. If the hotelier is desperate for more, commission for the same increases.
In most cases when shopkeepers or sellers run out of coins, they compensate the customer with candies. However, more and more customers are now rejecting the candies and demanding the money instead. The supply of coins from banks is not meeting the needs of the hoteliers. Usually associates distribute coins worth Rs 2000 to Rs 5000 to each hotel every month but many of them are asking for more. Till they are compensated, buying from beggars seem to be the way out for many

                                                                       (Based on  Articles.timesofindia.indiatimes.com)

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