Wednesday, 21st February, 2018

Government to impose ban on cash transactions involving coins to solve change problems across the country

22, Aug 2016 By Beer & Biryani

New Delhi: The Narendra Modi led government took a long pending decision to finally ban cash transactions that involve exchange of coin based currency.

“Coins might get banned soon.”
“Coins might get banned soon.”

There are thousands of products and services being sold at prime numbered prices, where it becomes difficult for buyer to find change. In spite of checking for change in all the pockets of his 12 pocket jeans, and the underwear pocket, customer is unable to find any change and sometimes has to return home without buying the product or availing the service.

Even the glittery e-commerce shows like Naaptol sell products with price patterns of 1999, 2999, 3999 or 4999, frustrating the customer as it becomes more and more difficult for him to remember his account balance. “Rs. 249391. How can I remember this?”, says a Naaptol customer who has bought 7 roti makers recently, covering all the colors shown in the advertisement.

Speaking to Faking News, finance minister Arun Jaitley said, “The problems of change (2-minute pause) have existed in the country from a very long time. We are therefore (30-second pause) shifting to the ATM model (30-second pause) where a product or service can have a price that is divisible by 50 or 100. Products or services of under Rs. 500 need to be divisible by 10.”

While customers across the country are ecstatic about not having to keep the change, sellers are happy that they could round of the prices to next available number that is divisible by 100 or 50.