Restaurant owners say they are forced to raise prices due to shortage of coins. Reason? Black marketeers are now selling change.
Restaurant owners say they are forced to raise prices due to shortage of coins. Reason? Black marketeers are now selling change.
Don't be shocked if your masala chai still served in a 'cutting' glass now costs more. Restaurant owners around the city say prices of cutting tea have been rounded off on account of a shortage of coins in the market. Since the Reserve Bank of India has stopped issuing coins to the commercial industry, it has led tou00a0 black-marketing of coins and a subsequent shortage, they claim.
Vasant Shetty, owner of Ballard Peir, says he altered his restaurant menu rates. "I have rounded the rates so that we do not have to ask for or give change to patrons. Customers normally give us Rs 100 or Rs 500 notes. The shortage has been killing us."
Gaurang Shah, owner of a farsan shop, is contemplating starting the coupon system if the coin shortage is not solved. "RBI used to issue coins to Indian Hotel and Restaurant Association (AHAR) which then distributed the same to its members. The RBI has discontinued this and banks have been given the authorisation to issue coins instead; however 90 per cent of the banks have refused stating that the RBI has not given them an intimation yet," said Shah.
A new problem includes black marketers. "They ask for 10 per cent on every packet of coins. Who is going to shell out extra money for? The RBI should raid these black marketers," said Shah. Alpana Killawala, chief general manager, department of communication, Reserve Bank of India, said, "There is no shortage of coins for the public. We issue coins to the association of restaurant owners, which is supposed to handle distribution.
We have also started a system that allows them to collect coins from banks directly. It has not been brought to our notice that banks are not issuing coins. In that case, they should lodge a complaint with the RBI."
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