Rs 25 lakh in coins poses problem of plenty for PMPML

PUNE: The Pune Mahanagar Parivahan Mahamandal Limited (PMPML) is sitting on a ‘chillar’ (loose change in coins) problem.

The transport utility ran into a wall in October when the Camp branch of the Central Bank refused to take the deposit in coins from it, an official at the transport body told TOI.

“The bank stopped accepting coins from us. The PMPML’s main account lies with the bank. The officials referred to the Reserve Bank of India (RBI) guidelines saying that they did not have space to keep so many coins. Last week, our officials and those from the bank met the RBI. The apex bank has directed the bank to accept the coins. At present, coins worth more than Rs 25 lakh are with us. We will begin depositing them from Monday. The RBI has also told us to look for other ways to exchange the coins with currency notes,” PMPML’s public relations office Subhash Gaikwad told TOI.

The official said that they had been successful in exchanging coins worth around Rs 1.50 lakh into currency notes since October.

The RBI in February had directed all banks to accept coins of all denominations from customers and a non-compliance could lead to a penal action.

“The apex bank, while directing the Central Bank to accept the coins, told us that we should reduce the number of coins being deposited. With more than 1,500 buses on the road each day and the PMPML catering to more than 10 lakh passengers, we get fares in the form of coins worth Rs 2 lakh per day. Our fares start from Rs 5 and till Rs 15 to Rs 20. For smaller fares, people prefer to give coins,” the official said.

Gaikwad said they had thought about two ways to reduce the number of coins. “We are going to distribute a large number of coins to our conductors. They have been directed to return the change to a customer preferably with the help of these coins. There are 3,000 conductors and we feel this will help reduce the number of coins. We will also deposit some in the bank from Monday. Despite both steps, keeping the bulk of coins with us without depositing them is a headache for us. We have no space,” the official added.

They will distribute a large number of coins to the different depots. “Many people need coins. They can contact our depots starting next week and take away as much as they want in exchange for currency notes,” the official told TOI.