Size does matter: Why RBI, govt are looking to re-design Re 1, Rs 2 coins

By Sulekha Nair, July 2014
Source

The Reserve Bank of India and the central government are taking a re-look at the near-similar designs and sizes of Re 1 and Rs 2 coins that often confuses the public in general and the visually challenged in particular.

Besides the Re 1 and Rs 2 coins, even the 50 paise coins too create confusion for users.

“Earlier, coins issued by the government were distinct. One knew a 10 paise, 25 paise, 50 paise and a rupee coin on the basis of size, shape and weight. Now, the one rupee, and fifty paise coins are indistinguishable,” said Jatin Shah, a visually challenged person and an engagement specialist at Deloitte, a professional services network.

The confusion is more for the visually challenged, for whom transacting in identical coins is a task, Shah added.

“In terms of the Coinage Act, 2011 the design of coins is a subject matter within the purview of the Central Government. This issue has come to our notice and we have taken it up with the Central Government. Both RBI and Central Government are looking into the matter,” RBI said in an email response to a question on the matter.

In the Union Budget, Finance Minister Arun Jaitley had announced that the government would come out with currency notes with Braille impression for the visually challenged.

But the visually challenged Firstbiz spoke to said more than currency notes, the government should focus on the coins it has been issuing lately. Shah added that people with sight too are challenged by the almost identical size and shape of the coins.

Experts welcomed the decision of the central government and the RBI to look into the matter.

“The coins are confusing to some people and especially to the visually challenged,” said Jayanta Sinha, banking consultant and a former chief general manager with State Bank of India. “It will be good to have coins of distinct identity,” Sinha said.

Like Shah, there are several others who face the problem of identical coins. Listen to Neha Karekar, a Mumbai-based company secretary.

“Many times I have been short-changed especially on public transport in peak hours,” said Karekar.

“If the coins were differentiated in terms of size, shape and thickness, it would help. Especially, during late night travel in autorickshaws, one gets gypped by drivers who speed off giving less and one being none the wiser for it unless one looks at the coins closely,” she added.

According to a senior banking industry official, the government could look at embossing new print or design on the coins.

“There is a lot of money involved in changing soiled currency notes which is drawn back by the RBI,” the official said.

“The 50 paise coin is no longer being printed and in its size is the new one rupee coin which is distinct from the Rs 2 coin. Though, with the old one rupee coin still being in circulation, there can be confusion with that and the Rs 2 coin,” the official said.