Rs 5, 10 coins hoarded in City

A pictorial cancellation of coins of Rs 5 and 10 denomination bearing the image of goddess Vaishno Devi, issued by Reserve Bank of India recently, has generated  a curious demand for them in the City.

People in possession of these coins are hoarding them and not circulating it, considering it a blessing to have them. This is now worrying the RBI’s Bangalore officials. They fear this will lead to shortage of coins.

Bansilal, a jeweller in Chickpet, who has stocked 15 coins of Rs 5 and 10 said: “I will not give these coins to anybody. Customers gave it to me while making purchases and these are holy as goddess Vaishno Devi is engraved on it. The more one has the better, after all it is currency too.”

Same is the case with K B Chandu, a security guard. Ever since he heard the news and got one Rs 5 coin, he is busy searching for more. “These coins are new and also holy. I do not intend to give the coins to anybody. I am searching for more.”

The RBI on January 16, 2014, released coins of Rs 10 and Rs 5 denomination with the image of goddess Vaishno Devi. This was done to mark the 25th anniversary of the Vaishno Devi Shrine Board. 

While the release of the coin had triggered a controve­rsy that it will be used in liquor shops and for illegal dealings which might hurt religious sentiments, it is now turning into a different problem for the government, a RBI official told Deccan Herald.

The RBI has released over 1,000 bags, each containing 2,500 coins of Rs 5 and 10, in Bangalore.  “The circulation of the coins is good. So far we have not received any report of shortage. But if people go on saving the coins and not circulate them, there could be problems later. People are att­aching emotional and relig­i­ous sentiments to it. The coins are normal and should be circulated normally,” the official said.

Banks on the other hand are not worried. They are also not keeping track of the type of coins and transactions that are taking place.