{"id":17511,"date":"2012-10-16T14:22:21","date_gmt":"2012-10-16T19:22:21","guid":{"rendered":"http:\/\/www.drishtikone.com\/?p=17511"},"modified":"2012-10-16T14:22:21","modified_gmt":"2012-10-16T19:22:21","slug":"when-indian-re-1-coin-was-worth-rs-5-in-bangladesh-when-melted","status":"publish","type":"post","link":"https:\/\/www.patheos.com\/blogs\/drishtikone\/2012\/10\/when-indian-re-1-coin-was-worth-rs-5-in-bangladesh-when-melted\/","title":{"rendered":"When Indian Re 1 coin was worth Rs 5 in Bangladesh when melted!"},"content":{"rendered":"\n<\/head>

\"\"
Old Re 1 Coin<\/figcaption><\/figure>\n<\/p>

Remember Mohammad Bin Tughlaq?\u00a0 The wise fool, who came up with currency long back, and suddenly everyone was minting money because he didn\u2019t use the right material.<\/p>\n

Well, until 2009, India hadn\u2019t come out of this Tughlaqian mindset!<\/p>\n

Those Re 1 coins, which were rather huge, served a special purpose \u2013 not just of giving alms to beggars.\u00a0 They were being smuggled to Bangladesh and melted into safety blades and were worth Rs 5!\u00a0 Such was the arbitrage opportunity for the Bangladeshis (sad, the Indians couldn\u2019t think of it!) that the coins in India started vanishing as the safety blades started taking shape in that poverty stricken country.<\/p>\n

Finally the Government had to change the size and the content of the coin to hit at this trade, which had embarrassingly left India without at Re 1 coins out there!\u00a0 Mr R Gandhi chief general manager of currency management of RBI explained:<\/p>\n

\u201cFor many years we were concerned about the practice. Last year we began changing the metallic content of the coins. The new cupronickel and lighter ferritic stainless steel coins are not lucrative for melting now. For the past many months we have not received any report hinting at or speaking of melting of our coins.\u201d<\/p><\/blockquote>\n

Good we finally got it right!\u00a0 It surely makes sense to make a coin such that it is worth less or at most equal to its own worth!\u00a0 It is downright stupid to make a coin that is worth more melted than its original state.<\/p>\n

\u00a0<\/p>\n

Link<\/a><\/p>\n

\u00a0<\/p>\n<\/body><\/html>\n","protected":false},"excerpt":{"rendered":"

Remember Mohammad Bin Tughlaq?\u00a0 The wise fool, who came up with currency long back, and suddenly everyone was minting money because he didn\u2019t use the right material. Well, until 2009, India hadn\u2019t come out of this Tughlaqian mindset! Those Re 1 coins, which were rather huge, served a special purpose \u2013 not just of giving […]<\/p>\n","protected":false},"author":1517,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15,33],"tags":[471,837,2878],"class_list":["post-17511","post","type-post","status-publish","format-standard","hentry","category-economics","category-india","tag-bangladesh","tag-coin","tag-re-1"],"yoast_head":"\nWhen Indian Re 1 coin was worth Rs 5 in Bangladesh when melted!<\/title>\n<meta name=\"description\" content=\"Remember Mohammad Bin Tughlaq?\u00a0 The wise fool, who came up with currency long back, and suddenly everyone was minting money because he didn't use the\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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