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Dairy firm tries to deposit Rs 10 coins worth lakhs

A Tiruchy-based dairy firm complained that a private bank in Mannachanallur branch has been refusing to accept the Rs 10 coins despite their appeals due to which, they have accumulated an amount of over Rs 34 lakh.

Dairy firm tries to deposit Rs 10 coins worth lakhs
Officials of Vijay Dairy firm with their load of Rs 10 coins in Tiruchy


Speaking to media persons here on Wednesday, the officials of the dairy unit said that post demonetisation their bank in Manachanallur is said to have refrained from collecting coins with a denomination of Rs 10 and less. 

Through the 400 sales outlet of the dairy firm, and also with domestic consumers, the milk firm’s officials said that they had been receiving daily collections as coins with Rs 10 denomination more in quantity which amounts between Rs 15,000 and Rs 20,000 per day. 

“Since December 2016, our bank has been shying away from collecting our deposits as coins. They are not refusing to collect our deposits but insisted on us to come after a while for depositing the coins by citing lack of space in their currency chest. Due to this, we have accumulated coins worth Rs 34 lakh,”S Somasundaram, CEO, of the dairy firm said.

As the routine transaction of the dairy unit functioning at Peramangalam village in Thuraiyur taluk was hit, the private milk producers approached the Madurai bench of Madras High Court recently. Apparently, the High Court bench hearing the pleas in their interim order has directed the Manachanallur branch of the bank to collect the deposit in coins. Following the legal directives, the dairy firm representatives claimed that the bank on April 28 collected Rs 1 lakh as deposit, and was said to have intimated their customers that they would be alerted once the bank gets adequate space in their currency chest.

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