Coin racket in Kolkata – man approaches banks to get Rs 50,000 in coins

A man has been trying to take large number of loose coins from banks – the police have arrested this man of Thakurpukur who tried to withdraw Rs 50,000 in coins. It seems he approached a bank and posed as an officer of RBI saying that he wanted to take stock of all coins in the possession of the bank. When the bank wanted proof of his identity, he changed his version and sad he was a researcher of coins.
His actions have made the police probe deep into his activities because, while the custody of the police, he is evading replies that would satisfy the police. This has led the police to suspect that some organized gang is behind such incidents, gangs that are associated with the smuggling of coins.
It seems loose coins ae at a premium in Kolkata. Five years ago bus operators used to pay premiums of Rs 2 to Rs 3 for every Rs 100. The rate has gone up to Rs 8 to Rs 10 now and, at times, they have to pay Rs 15 for every Rs 100. Shortage of loose change in the form of coins have led to innumerable incidents of refusals leading to quarrels, fights and violence between passengers and drivers of auto rickshaws – neither side wants to part with the loose change.
Incidentally, there have been allegations in the past that coins were being smuggled to Bangladesh where these are melted and converted to razor blades and ornaments.