Date:18/05/2008 URL: http://www.thehindu.com/2008/05/18/stories/2008051855781700.htm

Business

Shortage of coins will be addressed: RBI official

Staff Reporter

Kozhikode: Reserve Bank of India Assistant General Manager Girijavallabhan inaugurated a workshop on ‘Foreign Exchange Made Easy for Individual NRIs, Exporters and Importers’ and ‘CBDT e-payments’ organised jointly by the Malabar Chamber of Commerce (MCC) and Axis Bank here on Friday.

He said that steps would be taken to address the shortage of currency notes of small denominations and coins in the Malabar area.

He pointed out that though such notes were in abundance, lack of its proper distribution was the reason behind its shortage. The issue would be taken up with the department concerned of the Reserve Bank of India in Thiruvananthapuram.

MCC president P. Zakeer presided. R. Subramanian, vice-president and zonal treasury head, Axis Bank, Chennai; K.P. Aboobacker, honorary secretary, MCC; and S.T. Arasu, vice-president, Axis Bank, Kozhikode; were among those who spoke. Later, Mr. Girijavallabhan made a presentation on FEMA and R. Rajesh, manager (business banking), Axis Bank, made a presentation on ‘CBDT e-payments.’