Rupee ruminations

New Indian Rupee*
Latest revision of petrol/diesel prices by public sector oil companies also has been done with per litre price changes in rupees and paise. Earlier, there were revisions in fuel prices in ‘paise’ terms only.
Coins up to 25 paise have been withdrawn from the market and 50 paise coins have been pushed out of circulation by market. In the circumstances, GOI and RBI should consider making absence of coins with denominations below one rupee official and guide the market to fall in line by pricing all products in rupee terms only.
Now that dollar is accepted as the name of the currency accepted in international market, and we are in the process of ‘branding’ India, GOI could think in terms of introducing an Indian New Rupee(INR) worth the present value of Rs50 or so which could be named Indian Dollar or Bharat Chakra or any other attractive name that could be decided after conducting a competition.
Better still, India could persuade BRICS to introduce a common currency for member-countries which could be used for transactions among BRICS nations. Of course, in such a situation, member countries will have to retain their own present currencies for domestic transactions.
M G Warrier, Mumbai

*Published version:
The Hindu Business Line, April 5, 2017

Letters

Rupee ruminations

The latest revision of petrol/diesel prices has been done with per litre price changes in rupees and paise. Earlier, they were only in ‘paise’ terms. Coins up to 25 paise have been withdrawn from the market and 50-paise coins have been pushed out of circulation by the market. In the circumstances, the Centre and RBI should consider making official the absence of coins below one-rupee denomination and guide the market to price products in rupee terms only.
Now that we are in the process of ‘branding’ India, the Centre could think in terms of introducing an Indian New Rupee (INR) worth the present value of ₹50 or so which could be named Indian Dollar or Bharat Chakra or anything else. Better still, India could persuade Brics to introduce a common currency for member-countries which could be used for transactions among them. Of course, member-countries would have to retain their present currencies for domestic transactions.
MG Warrier
Mumbai

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