TODAY -
Maibam Dhana: Living on trading torn-currency notes
Source: Hueiyen News Service / Khongbantabam Nomita
Imphal, November 18 2012:
Do you have a torn-currency note? If yes, take a look at it to see whether all the pieces, four digit currency number and RBI emblem are still intact, because all these are necessary for exchanging a torn currency note at any ripped-currency exchange center.
Speaking to Hueiyen Lanpao, Maibam Dhana Singh, who has been in the business of exchanging ripped-currency notes for the last 10 years, explained that not a single piece of the torn-currency note could be missing and the 4-digit currency number as well as the letters 'RBI' imprinted at the top of the Indian currency notes should be there for the exchange.
If these signs and numbers are missing, then any torn-currency note is of no use.
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On the basis of these details, RBI can recycle the torn-currency note again.
With regard to the percentage of the amount charged from customers for exchanging a torn-currency note, Dhana said that it's depend on the number of cuts that the note have.
For one cut, 50 percent of the value amount is given to the customer while 25 percent in case of multiple cuts.
He also informed that none of the torn-note businessperson could deposit the torn-notes thus collected to the banks.
They have to submit the torn-notes to an inner agent who deposited the same to RBI or any other Nationalised banks.
All these inner agents are non-Manipuris, who are send out by the banks concerned.
Earlier, there were no agent in Manipur and all the torn-notes have to be taken to either Kolkata or New Delhi or Guwahati.
It was expensive and the risk involved was high.
However, as various agents have been deputed in Manipur, today it is becoming easier.
All the collected torn-currency notes could also be submitted to the agent on daily basis, Dhana added.
According to Dhana, running the ripped-currency exchange center is like any other businesses and the earning is unpredictable.
But on an average, he could anywhere between Rs 100 and Rs.500.With the income he earned from collecting torn-currency notes, he has been looking after the maintenance of his family without any hitch.
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