Coins worth Rs 40 lakh pain for banks..Court orders to deposit Rs 5000 change per day

Lucknow:  Two banks in the city may not have a very happy new year. They have directed to deposit coins worth Rs 5,000 every day. Mind you these coins are in the denomination of  Rs 10, 5, 2 and 1. Well, you must be the thinking, what is the problem in doing this. Well the total coins are worth Rs 40 lakh.

 The story goes like this. A co-owner of a bread manufacturing company, Sandeep Ahuja, has collected these coins over the years, and after the note ban the reserves swelled when  notes were in short supply. 

Ahuja sent his staff to get coins deposited  in his two accounts with State Bank of India, Aishbagh branch and Allahabad  Bank, Hussainganj branch. Both refused. Ahuja approached RBI’s Lucknow office. RBI wrote to banks, got no response.

Then Ahuja decided to approach Lucknow bench of Allahabad High Court. It is here that he got relief. The HC directed the banks to deposit Rs 5,000 worth of coins daily between 3pm and 4pm after January 1, 2017. The date and time were chosen as per convenience of banks as at the moment they are under pressure after the note ban. (News24Bureau)