Saturday Nov 23, 2024
Saturday Nov 23, 2024
Tuesday, 23 August 2016 11:15 - - {{hitsCtrl.values.hits}}
I refer to the timely issue raised by A.W. Jayawardena vide his letter to the Press on 21 August. A similar clarion call was made by me through the press as far back in 2002 and 2004 under the above caption. In response, I was made to understand that certain laws have to be amended or repealed to give effect to my proposal of de-monetisation of cents. However, with the lapse of time, the proposal took effect automatically and we do not see any cents in circulation now.
In my view, this phenomenon was mainly due to changes in pricing by merchants and service providers, especially the transport service followed by restrictions imposed by the Central Bank in the issue of cent-coinage.
In the wake of this practical experience let us now urge the merchants and service providers to price-mark their products in multiples of Rupees five as far as possible. In consequence, the Central Bank would increase the issue of five rupee coins with less weight of course to ensure a ‘lighter purse’ and a reduction in minting costs.
In the same coin, I request the Central Bank to issue a new series of two thousand rupee note as its present size is disproportionate to the size of the five thousand rupee note in circulation.
