By Nikhil Borker:
At a time when the country is under a severe financial crunch and the rupee is resting at all- time low levels, following the “keep the change” policy is definitely not the wisest idea for the common man. However, the irony is that we are forced to follow it whether we like it or not. With the extinction of the ‘chavanni’ and the ‘atthani’ and the virtually weightless coins in circulation these days, the demise of coinage in India looks imminent.
Why have we been suddenly struck by this situation? In the last few years two devils have tormented the country- corruption and inflation. These are the primary causes for reduced circulation of coinage. Corruption increases the amount of black money in the economy. This results in an increase in the ratio of higher to lower denominations. Thus, there is a relative decrease in coinage. Inflation leads to goods becoming more expensive. This implies that even the price levels of the goods that were earlier costing the bare minimum (like a matchstick) have increased. This is a clear indication of the rupee getting devalued. This is the macro side of the issue.
Just blaming the government won’t solve the problem. Now you would argue what can we do? I would say that it is only we the youth who can bring about a change. A foundation stone is required for the construction of any building. In the same manner we need to take the starting step if we are to save our currency. The most basic step could be to not give up any ground when it comes to rendering of balance. Try to amass as many coins as possible and always keep them with you for transactions. This will disseminate to others around you about the fact that coinage is an integral part of any economy. It’s still not too late. Start today so that you don’t have to lament tomorrow.