Mumbai: BEST stuck with loose change worth Rs 12 crore!

Updated: Jan 04, 2020, 08:23 IST | Rajendra B Aklekar | Mumbai

Coins worth Rs 1.5-crore are collected by the Undertaking every day. The BEST has 27 depots in Mumbai city and suburbs and the cash is lying in the strong rooms there.

Representational picture
Representational picture

The BEST Undertaking is facing a unique issue that has rattled it. It has accumulated coins worth R12-crore in its various bus depots.

"Since the fare came down, people have been giving more coins. At last count, loose change tallied about Rs 11-crore 50 lakh on January 1, and in the past few days of the New Year, about R40 lakh has been added with more and more coming every day. The total has crossed about R12-crore," BEST committee member Srikant Kawthankar said.

Coins worth Rs 1.5-crore are collected by the Undertaking every day. The BEST has 27 depots in Mumbai city and suburbs and the cash is lying in the strong rooms there.

Speaking to mid-day, Kawthankar said the interest of this amount comes to R31,000 per day and the BEST is losing on it. The money processing consultant hired by the BEST is unable to cope with the volume, and the Undertaking needs to take up the issue urgently before it gets out of proportion.

BEST General Manager Surendra Bagde said he was aware of the issue and was in talks with the RBI over it. Bagade said he will also give necessary directives to the money processing consultant to dispose of the cash.

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