Wednesday, 28th June, 2017

Union Budget Alert: Candies and toffees to get official currency status from RBI

26, Jun 2014 By sag1

While the new finance minister is prepping up for his debut budget on July 10th, an economy gamechanger proposal has come up from the department of currency management at RBI. It could be tabled during the budget discourse next month.

It is learnt from close sources that in order to save the exchequer from coin minting expenses, the government is contemplating of giving official currency status to candies and toffees.

toffee
Achhe din aa agye.

If sources are to be believed, the government has already offered licenses to Cadburys eclairs, Melody, Coffee bite, Alpenliebe and some other brands of popular candies to replace 1 rupee and 2 rupee coins. There is also a proposal to make mini Cadbury Dairy Milk and Kit Kat as 5 rupee and 10 rupee equivalents.

Requesting anonymity, a spokesperson at RBI said that unofficially there is already a widespread use of candies and toffees as currency. “I have experienced it first hand at toll plazas, petrol pumps and large and small grocery stores, where customers are unabashedly paid back change in candies and toffees,” said the RBI official.

“The candies and toffees form of payment was completely unaccounted for. If figures are to believe this mode of paying back change ran into millions of rupees each day. All unaccounted income. We had to address this issue quickly and converting candy into currency was the best thing we could have done.”

Hailing Arun Jaitley and RBI governor Raghu Raman for this excellent initiative, world renowned economists have welcomed the move and called this a masterstroke from the Modi Government to stifle the evasion of taxes, curb the growth of domestic black money and be seen an environment friendly economy.

In coming days, RBI plans to get Cadburys and other toffee makers to set up manufacturing plants at their mints in Mumbai, Hyderabad, Kolkata and Noida. RBI plans to closely monitor procurement of cocoa and other raw material required to manufacture the currency candies and toffees. To further streamline this process the government intends to issue special candy and toffee wrapping paper which will bear semblance to bank notes and will be signed by the RBI governor. The only ongoing debate is whether or not Mahatma Gandhi will figure on the wrapper. There are those who want Sardar Patel or L.K. Advani to be imprinted on these wrappers.

The RBI will issue the candy currency only once every 6 months on the expiry of the previous batches of ‘currency’. This will ensure that the market is supplied with fresh and genuine currency. The stale, unconsumed expired currency will be called back by RBI and be systematically decomposed probably using Candy Crush machines. Globally this is a first of its kind ecological economic effort.