Kolkata traders, auto-drivers and bus-drivers are suddenly flooded with low denomination coins. Citizens seem to have thrice the usual amount of Re 1 and Rs 2 coins now than they had a few months ago. Business analysts believe this has been possible because many in Kolkata had hoarded small coins and there was an unnecessary panic these coins might get abolished. Hence everyone is trying to get rid of these coins!
So much so, that a section of traders in Butta bazar, the illegal coin exchange market, are offering a 100 rupee note for a stack of Rs 110-Rs 115 in coins.
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