Shilllong, Feb 28: Holding of smaller denomination of coins by the people has what led to the extinction of small coins from the state, claims P Shyam Sunder, GM (O-in-C), RBI, here on Wednesday.
Speaking to reporters, Sunder said that scarcity of smaller coins in the state has no doubt haunted the state.
“The reason being people are not bringing out the coins. Nowadays people are not willing to bring coins. They rather save it or keep it at home which hampers the rotation of coins in the market,” Sunder said.
When asked the head about the mentality of the people when they refuse of accept the smaller denomination coins such as 50 paisa and 1 rupee, he said that it is totally illegal.
“Anyone found can be brought forward to the notice. It is totally legal. No one can refuse to accept the coins,” He said.
He also added that there is a huge circulation of coins in the market. But it is due the people ignorance that there is a shortage and people should be sensitized regarding the matter. (SP News)
