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Mumbai facing Rs 5 coin shortage

May 24, 2007 10:18 AM IST India India
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Mumbai: Don't curse your local shop keeper if he is adamant about getting the exact change. He is not the only one judging by the people queuing up outside the Reserve Bank of India (RBI) in Mumbai waiting to get coins.

Mumbai is facing a sudden shortage of coins and shop owners have been wait for hours to exchange large notes for coins.

And it's no small feat waiting to get change. The manager of Asian Shopping Complex in Mumbai, N D Balsara, says he managed get his share of Rs 5 coins only after a five hour wait.

"In 25 days we require around Rs 1 lakh in change, but with the unavailability of Rs 5 coins, we have been asked to adjust with Re 1, Rs 2 coins," says he.

And what's more, the coin shortage is effecting small shopkeepers who have had to turn away customers due to the lack of change.

The managers of many a small establishment are ruing the shortage saying that the concerned departments should ensure that there are enough coins to go around.

Meanwhile, the RBI says that in the last 22 days it has distributed coins worth over Rs 2 crore.

But with similar reports of shortage coming in from other cities as well its clear that RBI's action has not been enough.