Banks dump one rupee coins on customers

Rajamahendravaram: The circulation of Rs 2,000 notes were stopped in the city as well as in the district due to their shortage. Because of the non-availability of these notes, people are facing problems.

As a result, many banks are giving one rupee coins in thousands along with notes in the denomination of Rs 500, Rs 200 and Rs 100 to the customers and members of Dwcra groups, who are facing problems to convert them into notes.

It came to light that some political leaders are keeping Rs 2,000 notes with them and collecting them through their friends and business people, to use them during the forthcoming assembly and general elections, as the leaders can carry money easily in lakhs. But, the shortage of Rs 2,000 notes became a boon to some petty traders and others who are supplying the notes on commission of Rs 10,000 for Rs 2 lakh worth of Rs 2,000 notes, it is learnt.

A bank official said Reserve Bank of India (RBI) is not sending new Rs 2,000 notes and the customers are also not depositing Rs 2,000 notes which is the main reason for its shortage. The banks are not in a position to do anything in this regard.

A Dwacra group member N Rajya Lakshmi said the banks are giving one rupee coins for Rs 1,000 to Rs 2,000 and the remaining amount in Rs 100 and Rs 500 notes. Owing to this they are facing problems to change one rupee coins into notes, she added.