Jamshedpur: The apex trade body of traders in Kolhan, Singhbhum Chamber of Commerce and Industry (SCCI) has come to the rescue of Jamshedpur traders grappling with coin crisis.
Chamber is organising Coin Mela at Chambers Bhavan in Bistupur on October 25, where coins of Re 1, Rs 2, Rs 5 and Rs 10 will be distributed.
SCCI president Suresh Sonthalia said the Patna circle of Reserve Bank of India (RBI) has furnished the consignment of coins to PSU banks like State Bank of India, Bank of Baroda and Central Bank of India, which will be distributed among traders at the mela.
He informed that about 40 traders have responded and have confirmed their participation.
Coins of various denominations between Re 1 and Rs 10 have done a vanishing act from Jamshedpur.
Local traders are the worst-hit as they have to deal with irate customers. Several of them had even stopped selling products of lower prices.
“The shortage of coins is causing severe problems for us and our customers. Sometimes, the scarcity leads to unpleasant situations as customers get into an argument. We are forced to buy coins from beggars. It is time that something is done,” said Radheshyam Parwal, a grain dealer.
Sonthalia said that the shortage of small-denominated coins is affecting business operations. Even when one goes to supermarkets, convenient stores or retail outlets, the scarcity is more evident.
Chamber also made appeal to people who usually kept their coins in their homes, particularly in piggy banks as well as charitable institutions whose collections consist of coins.
He went on to add that the Kolhan region consisting of three districts of East Singhbhum, West Singhbhum and Seraikela-Kharswan was facing acute shortage of coins of various denominations. The scarcity of small-denominated coins, was affecting business operations.