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Now Coins Available at post offices, DoP tied up with the RBI for distribution of coins


By Dr arvind, Section News
Posted on Tue May 06, 2008 at 05:17:48 AM EST

To address the problem of shortage of coins, the department of posts (DoP) has tied up with the Reserve Bank of India for distribution of coins of the denomination Re 1 and Rs 2.

The service started at the General Post Office (GPO) from Monday. The coins will be available at other post offices across the city soon. The services will be started at Nagpur and Goa as well.

"The Pune division of the postal department has taken the initiative and tied up with the RBI. The service will be available at GPO and soon it will be extended to other important post offices in the city, considering the response," said S.C. Jarodia, post master general, Pune region.

"The coins will be made available in the concealed packs having sealed of RBI. Each pack will have denomination of 100 rupees. Any individual can exchange a pack of 100 coins with a 100 rupee note. No extra charge or commission will be charged," he said.

Jarodia added as the RBI does not have separate branch in the city, the coins will be collected from the State Bank of India treasury at Mumbai. At present, coins worth over Rs 7.50 lakh are available at the post office.

About other changes in the offing, Jarodia said, "The department is extending the Instant Money Order services (IMO) to three more post offices in the city, which is now available at six post offices. It is picking up fast among students and business communities as the interest charges are low compared with the other forms available in the market."

From: TOI, May-06-2008

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