Thursday, 23rd November, 2017

Small one-rupee coin unacceptable

20, Oct 2017 By shakeel ahmad

KANPUR: If the ten-rupee coin is facing a problem of plenty, the smaller one-rupee coin is not widely acceptable these days. They do not tell any definite reason behind this obvious rejection. Being the lowest coin following complete exclusion of the fifty-paisa coin from the circulation it is in jeopardy. The bank cashiers still provide the smaller one-rupee coin to the customers who did not take pleasure in its acceptance. Even the conductors of the roadways buses are using this very coin for a return of the change. However, there is no lack of the small shopkeepers who are denying the coin’s acceptance at the first sight.

Just as no consumer can easily refuse the ten-rupee coin technically so as the refutation of the one-rupee smaller coin cannot be said publicly. Then, those shopkeepers refusing to entertain it from the consumers are at mistaken. That has made every customer turn down its taking in exchange from others. It is widely seen the ten-rupee coin increased in the market after the demonetisation. It later augmented the small traders’ problems.  At the same times, the customers are irritated over the rejection of the one-rupee coin. They are in a way not securing the real value of the cumulative coins. When one consumer expressed his denial in taking the one-rupee coin, the shopkeeper advised him to pay the coin with all the forcefulness.

Strangely enough, when the banks are extending smaller one-rupee coins, shopkeepers are using those coins, there appears to be no logic in its refusal. The smaller coin is still in the circulation and a legal tender. Therefore why does persist so many objections in its daily exchange? What is worse is that the large-sized one rupee coin is openly accepted everywhere and the smaller coins are rejected. The two varied size coins of the same denominations is a nigger in the woodpile.