Change Management

Do not get carried away by the title. It is not really about the Change Management in a management perspective. It is managing your change (currency, coins etc.,) in a day to day life.

We struggle everywhere for change, especially in Bus, Train, Coffee shops etc., Nowadays, anything is rounded off to the nearest Rupee. No one (leave alone beggars) accepts anything less than a rupee. I tried giving 25 paise coins (4 nos) to a restaurant cashier and he looked at me and accepted the same.

With the spiraling inflation the money has no value at all. Even the government is reducing their cost of minting money (hey...I am not talking about politicians minting money). The cost of minting 25 paise coin is more than its real value. Steel prices, labour cost, inefficiency added to the inflation make the cost of the coins more.

With this in view and make people not to struggle with smaller denomination changes, the Government has withdrawn the circulation of 25 paise coins with effect from 1st June 2011.

So, from June 2011, the minimum acceptable coin is 50 paise. I really do not know whey they want to keep the 50 paise also, when everyone is looking at rounding off to nearest rupee.

Coin collectors are busy collecting the 25paise coins. I did collect the 5 paise, 10paise, 20 paise (brass / aluminum) and treasure the same. We can show it to our future generation that we too had coins in our system.

By the by, RBI will come out with a notice soon on how to call back the 25 paise coins.



Raghavan said...

Thats interesting! I think I should dispose all the 25 paise coins asap...:)

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