Morung Express News
Kohima | July 25
The Kohima Chamber of Commerce & Industry (KCCI) appeals to the State Bank of India, Kohima to “ensure in abundance the availability of the lower denomination particularly the 50 paisa, one rupee, five rupee, two rupee, ten rupee and twenty rupee.”
“Of late our attention’s drawn to the shortage of lower denomination notes and coins in Kohima town. The reason to trigger such scarcity has been questioned and also to comprehend whether prohibitive stoppage of issuing coins and lower denomination notes is due to the prohibitive cost of minting and printing. It has become very difficult for the business community as well as for the citizens of Kohima to get the lower denominations particularly the 50 paisa, one rupee, five rupee, two rupee and ten rupee which are supposedly extensively to be in circulation for routine transaction,” KCCI general secretary K. Chris Kire said in a letter addressed to the Branch Manager, SBI, Kohima.
A copy of the letter made available to The Morung Express mentioned that while the purchasing power and value of these different lower denominations remained constant, the shortfall in its supply has rendered an anerous task on the citizens at large thanks to being compensated with other market items, much to their disappointment.
“This ‘idle and uncirculated denominations” could give rise to “bad money drives out of the good ones,” the letter said. “The Kohima Chamber of Commerce and Industry, has taken steps and initiatives with the business community to withdraw the “sleeping coins”, before the new ones (if any) come into vogue,” the letter said.
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