Requires: Rs.1, Rs.2 & Rs.5 Coins (chutta)

Status
Not open for further replies.
Emperor

Emperor

Juggernaut
Hello Friends,

One of my relative who own general store @ Thane (near to mumbai) looking for Rs.1, 2 & 5 coins in bulk for his stores day-to-day trading. He visits to all nationalized & 3 pvt. Banks in our city but all said "NO" for coins.

If any of our member or his/her parents or relatives operating in any bank or financial institution &/or can manage it, kindly post or pm me.

Thanks :)
 
your best source is the PCO owners.

they are always in need of exchanging the coins with notes.

but again, expect like.. 100 coins or so from one owner as they also have to keep change to give the customers.

banks will not bother with that unless you have a friend in there.
 
Emperor said:
Hello Friends,

One of my relative who own general store looking for Rs.1, 2 & 5 coins in bulk for his stores day-to-day trading. He visits to all nationalized & 3 pvt. Banks in our city but all said "NO" for coins.

If any of our member or his/her parents or relatives operating in any bank or financial institution &/or can manage it, kindly post or pm me.

Thanks :)
Click to expand...

most of the cities have areas where u can exchange notes for coins and vice versa....they do charge a small commision for that...ask ur uncle to inquire with other shop owners for such places
 
taher said:
most of the cities have areas where u can exchange notes for coins and vice versa....they do charge a small commision for that...ask ur uncle to inquire with other shop owners for such places
Click to expand...

No, we don't know any areas as you said. Other shop owners are not willing to give address, some owners are ready but ask Rs.5/- EXTRA per Rs.100/-
rishabh.asthana said:
the SBI branch near my office have a coin dispenser installed there it gives out coins in bulk
Click to expand...

If near to Mumbai, let me know place? If you have any inside source than will be more help.
 
Have you tried an RBI branch? I think they might be legally obliged to do an exchange if you request it. (I am not 100% sure, you might want to look further online.)
 
rishabh.asthana said:
the SBI branch near my office have a coin dispenser installed there it gives out coins in bulk
Click to expand...

yes SBI has a machine for getting coins one is there on churchgate station itself
 
i am atm in Hubli thats like 500 clicks from mumbai...churchgate is better option :P

ps: i work in a MFI and during collections have tons of coins :(
 
Chruchgate is an 1 hrs travel by local train from our city, don't know how much time by road way.

Yes we have option to ask for huge amount of coins so no need to visit for months, but not sure if we can get than much coins from them. :S

Last time some where I read that RBI circulate forms for coins (for hoteliers & grocery shop owners) & will send same to bank branches where you have account, but yet to get confirm from any bankers.

We also ask our bankers to pay in advance by check but still they refuse to help saying we don't have time to count & distribute them, when we said we will take all coins than they started to argue "What you are going to do with that much coins" really we are helpless :( :S
 
^ i think this all is because some people melted the coins to extract some rare metals from them..it was in the news some time ago. let me check it with my cashier see if i can help you out. but again i live 500 clicks from ya :P
 
rishabh.asthana said:
^ i think this all is because some people melted the coins to extract some rare metals from them..it was in the news some time ago. let me check it with my cashier see if i can help you out. but again i live 500 clicks from ya :P
Click to expand...
Yes I too hear some people use to make shaving blades :)
 
Well i myself have business so i too need coins

You can easily get coins not in much bulk but do from local area chaiwala or the sing chanawala.But they charge commission(5-10%)Also even after charging u get less.

Like they give 98 for 100 buks and again 5 rs on top of that.

Next best option would be too have some setting in local temple.

Again you might have to pay some commission but atleast youll feel proud that you gave it to god than too chaiwalas.

Now coming to bank option.RBI and SBI around worli and MAHIM do have units where you can get the coins.But as what i heard is its like ghony bag of 10000 worth and pay the same amount.So you need to be ready with your vehicle as what i heard.But again the local people have some setting there and tha agents as what i heard never give the coins to local and pass it to them again on commission.This people again sell to us businessmen at low commission 5% but its a huge quantity you need to buy say 20k-50k per transaction.This are the same guys who say juna porana notewalas.

Also i guess in my shop have a number of such agent.Ill pass it on to you if i find it tomorrow u call and get details from him.

I personally dont buy as i get it now from my Mosque.

Regarding melting .Well thats of 1 rs and 2rs coin as they are made of finest quality steel they are melted to make blades in bangladesh .But now i guess smuggling is more restricted.

Now the problem is people while going to pilgrimage people throws coins in rivers and thats costing alot as it cant be recover and its life ends there.

I really cant understand where those 10rs coin vanished ??

Regarding pco in metros its now a flop idea as now all have mobile and i know many pco who used to get 750 buk talktime for 500 buks per months also shutted their shop as they werent even able to cover their basic 500.
 
chillar has been selling 95 rupees per 100 since last decade. its a common practice i guess.

wow this concept of casting coins into blades was unheard of yet, i think govt should start casting 1,2,5 rs coins on aluminium, make it too light weight and introduce 10,20,50 rs coins made of steel, that is going to suit a lot.
 
The banks are obliged to provide you coins if requested by you. Ask your banker, if not then dont hesitate to complain. RBI circular mandates that Branches will have to provide coins/change to its customers. Its basically headache of cashiers so they usually shoo away people asking for chutta. They should ideally have 100 coin packets with them, usually bigger SBI branches handling mint operations on behalf of RBI will provide you with coins.

PS: Banks cannot charge you commission for providing coins.
 
Status
Not open for further replies.
Top Bottom