No takers for Rs 10 coins Rs 5 notes in Diamond City

  • | Saturday | 17th November, 2018

For Rs 5 notes totalling Rs 1,000, the banks charge Rs 70 to Rs 75 for counting, whereas for the packet of Rs 10 coins, consisting of Rs 1,000, the banks charge Rs 10 to Rs 20.A bank official asking anonymity said, “People come with bundles of Rs 5 notes and Rs 10 coins and it is a time consuming process for counting them. Majority of street vendors and retailers in the Diamond City have voluntarily ‘demonetized’ Rs 5 note and Rs 10 coin. Surat: Vegetable vendor Meghna Borse at Palanpur Patia vegetable market fumes at his customers giving Rs 5 notes and Rs 10 coins. don’t accept these in the city.Gujarat Bank Workers Association leader Vasant Barot told TOI, “It is a voluntary demonetization of Rs 5 notes and Rs 10 coins in the city. The cost of exchanging Rs 5 note is Rs 2.50 and same with Rs 10 note.A vendor at Bhagal Shailesh Prajapati said, “When Rs 5 note and Rs 10 coin are not in circulation, they are of no use.

Surat: Vegetable vendor Meghna Borse at Palanpur Patia vegetable market fumes at his customers giving Rs 5 notes and Rs 10 coins. Many a times she would take back her sold vegetables, stating that the notes and coins are no longer in circulation.Meghna is not an isolated case. Majority of street vendors and retailers in the Diamond City have voluntarily ‘demonetized’ Rs 5 note and Rs 10 coin. Even the autowallahas, shopping malls, city bus conductors etc. don’t accept these in the city.Gujarat Bank Workers Association leader Vasant Barot told TOI, “It is a voluntary demonetization of Rs 5 notes and Rs 10 coins in the city. The coins and currency are out of circulation as people don’t accept it at retail and vendor level. I think this is not right as the Reserve Bank of India is yet to demonetise it.”Barot added, “During the festival season, there was huge demand of small denomination notes, including Rs 10 and Rs 20, with the banks. However, due to the shortage in the supply of currency notes from RBI, banks were unable to fulfil the festive demands.”The vendors exchanging soiled notes in the city have started accepting Rs 5 notes and Rs 10 coins, but they are paying 50 per cent less on the actual value. The cost of exchanging Rs 5 note is Rs 2.50 and same with Rs 10 note.A vendor at Bhagal Shailesh Prajapati said, “When Rs 5 note and Rs 10 coin are not in circulation, they are of no use. Still, we are paying customers half the value for notes and coins. We take stock of notes and coins in the bank and get the full value, which is our profit.”Sources said that when people visit banks to deposit Rs 5 notes and Rs 10 coins in quantity, bank officials charge a fee for counting. For Rs 5 notes totalling Rs 1,000, the banks charge Rs 70 to Rs 75 for counting, whereas for the packet of Rs 10 coins, consisting of Rs 1,000, the banks charge Rs 10 to Rs 20.A bank official asking anonymity said, “People come with bundles of Rs 5 notes and Rs 10 coins and it is a time consuming process for counting them. However, we collect counting charges for the same.”

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