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Rediff.com  » Business » Now, a problem of too many coins

Now, a problem of too many coins

December 27, 2005 15:29 IST

The Tamil Nadu Government Transport Corporation depot in Madurai is facing a problem of plenty: its coffers are overflowing with coins and banks are refusing to accept them.

According to official sources, coins to the tune of Rs 1.10 crore (Rs 11 million) have been squeezed into the strong room and are lying idle with no interest.

"We are losing about Rs 500,000 a year on interest alone as we are not able to deposit the amount in the bank," transport officials said.

"We used to give coins to the employees when we gave incentives and bonus. But now every transaction is done through the bank, and hence there is a large accumulation of coins," a senior official working with the accounts department said.

Sources in nationalised banks said they too are facing a 'space crunch,' besides shortage of personnel to count the coins.

Consumer organisations have suggested that the corporation could give the coins to conductors themselves for distribution among passengers, as most of the conductors complain of coin shortage in buses.

They also said the coins could be distributed to the various depots in Dindigul, Tirunelveli, etc.

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