Ban sale of new currency-packs and coin-bags at premium

Kashmir Times. Dated: 11/6/2018 12:19:03 AM

Dear Editor,
It is welcome that Reserve Bank of India issues new currency in plenty to be distributed through vast network of banks both in private and public sector specially every year on occasion of Deepawali. Banks also distribute new currency on demand to their customers. It is also justified that new currency is issued by banks only on cash-withdrawal from their accounts, and not as exchange of old notes.
But in areas like Chandni Chowk of Delhi, new currency-packs in all denominations are always available at premium throughout the year in any quantity with hawkers on footpath near Fatehpuri and Kachcha Bagh. Rate of premium of new currency-notes at Deepawali-2018 in retail was rupees 60, 100 and 200 for pack of 100 notes in denominations of rupees 10, 50 and 100 respectively. Premium rate of rupee-one note was rupees 200 per pack of 100 that is rupees 300 for a pack with face-value of rupees 100. There are big wholesale-dealers where bundles of new currency in any denomination are available without any scarcity.
Reserve Bank of India and Department of Economic Intelligence should conduct an enquiry in the matter, and take every step to check menace of selling new currency at premium. Central government should make selling of new currency and coin-bags punishable offence. Then only currency-packs and coin-bags will be available in banks throughout the year.
—Madhu Agrawal,
1775 Kucha Lattushah
Dariba, Chandni Chowk
Delhi

 

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