Indian five-rupee coins being turned into razors in Bangladesh

Indian five-rupee coins are being smuggled into Bangladesh to be melted down for making six razor blades, which then are sold at Rs2 a piece

Five-rupee coins are being smuggled into Bangladesh from India to be melted down for making razor blades. Six razor blades can be made from a single five-rupee coin. According to police sources, each blade is sold for Rs2, reports PTI.

"This has been going on for quite some time now. We are looking into it," said HR Khan, executive director, Reserve Bank of India (RBI).

"We are now changing the metallic content of the five-rupee coin so that the new ones will not be lucrative for melting. The new metallic content of the cupronickel coin will reduce its attractiveness for smugglers," Mr Khan said.

The RBI has been coordinating with the police and other authorities to ensure that coin smugglers do not have a free run. Periodic instructions were being given to security and intelligence agencies to check the menace, Mr Khan said.

According to bank officials, the smuggling has contributed to the shortage of small coins.

"We are aware of the problem and the RBI is taking initiatives. We are trying to distribute coins through post offices. We have also told the banks to distribute an adequate number of coins," Mr Khan said.

  • Like this story? Get our top stories by email.




    1 decade ago

    i think Bangladesh do good with Indian coin

    We are listening!

    Solve the equation and enter in the Captcha field.

    To continue

    Sign Up or Sign In


    To continue

    Sign Up or Sign In



    online financial advisory
    Pathbreakers 1 & Pathbreakers 2 contain deep insights, unknown facts and captivating events in the life of 51 top achievers, in their own words.
    online financia advisory
    The Scam
    28 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
    Moneylife Online Magazine
    Fiercely independent and pro-consumer information on personal finance
    financial magazines online
    Stockletters in 4 Flavours
    Outstanding research that beats mutual funds year after year
    financial magazines in india
    MAS: Complete Online Financial Advisory
    (Includes Moneylife Online Magazine)