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| Old coins back in demand at a premium | | |
Govind Chouhan
Jammu,
Believe it or not! Old coins, the issue of which was stopped by the Reserve Bank of India few years earlier are back in great demand in the state.
These coins are being obtained by some unscrupulous elements in order to earn huge profits by smelting them.
As per the modus operandi adopted by these elements, some persons have been employed by these persons to obtain old currency coins from other states and this is being done right under the nose of authorities.
As per sources, coins worth lakhs of rupees have been brought into the state by the gangs which are operating with impunity in the state.
These coins are thereafter melted into slabs, and obtained after melting the coins as they are worth more than their face value. Sources said that some businessmen in the city have started hoarding coins in large numbers in order to rake in massive profits.
Here it must be mentioned that Government of India had stopped the issue of the issue of old coins some years back and replaced the same with a fresh issue of coins.
Deputy General Manager, Reserve Bank of India, D R Pawar, when contacted informed that the old coins had a fair amount of copper which is obtained by smelting them.
A single one rupee coin contains copper approximately worth Rs 5 and this is the reason that there have been instances of coins being smelted into bars.
In order to check the crime, he said that a high level meeting was called one year back and it was decided that the old coins will be completely removed from the market including Jammu and Kashmir. Even the security agencies were asked to investigate the matter and ensure that this crime if curbed in the entire country.
He, however, said that no complaint in this regard has come into the notice of Reserve Bank officials in Jammu and Kashmir.
Police officials, when contacted said that though no case in this regard has been registered but there have been unconfirmed reports in this regard. Police officials said that an entire chapter of law is devoted against this crime ranging from life imprisonment and simple fines.
Here it must be mentioned that a case under Counterfeiting of Indian Coins Act is registered against a person involved in counterfeiting of the Indian currency
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