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Author Topic: News - Indian Coin melting units busted, 5 arrested  (Read 5068 times)

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Offline $$

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Re: Indian coin melting
« Reply #15 on: September 19, 2011, 05:58:36 AM »
Dear Friend

Just to confirm

Is it crime to keep foreign currency for the purpose of collecting ?

Samir

Indian held with Bangladeshi currency

Saturday, September 17, 2011


An Indian national was arrested late Friday night with a large number of Bangladeshi coins and notes from a hotel under Bangshal Police Station in the capital.

The arrestee was identified as Nur Hossain, 28, from Mominpur Road under Ikbalpur Police Station in Kolkata.

Police seized 10,000 pieces of Tk 1 coins, 10,000 pieces of Tk 2 notes and 5 and 10 paisa coins of worth Tk 600 from Hotel Bait-us-Salaam International.

When our correspondent talked to him, Nur confessed that he often smuggles Indian three-pieces into Bangladesh, but claimed he bought the currency for the first time before returning to India.

Criminals melt Bangladeshi coins to salvage the metals and use those to produce sundry items, while various security features of Bangladeshi notes are extracted carefully to forge Indian currencies, said Masudur Rahman, additional deputy commissioner of Dhaka Metropolitan Police.

After seizing Nur’s passport, police said the Indian has visited Bangladesh at least 20 times and he was carrying a valid visa during this visit.

Nur can easily smuggle his items across the border by bribing customs officers, said the ADC.

Source: The Daily Star

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Offline Bimat

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Indian coin melting
« Reply #16 on: September 19, 2011, 05:41:15 PM »
Dear Friend

Just to confirm

Is it crime to keep foreign currency for the purpose of collecting ?
Not at-all. :) Of course, if you keep millions of them..then it may be a different story.. ;)

Aditya
Caution. The low-hanging fruits are still there maybe for a reason.

Offline Coinsforever

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Re: Indian coin melting
« Reply #17 on: September 19, 2011, 09:52:17 PM »
Not at-all. :) Of course, if you keep millions of them..then it may be a different story.. ;)

Aditya

If some one is  NRI - NON RESIDENCE INDIANas per RBI / by law he /she is entitled to keep foreign currency .

Cheers ;D
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Offline $$

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Re: Indian coin melting
« Reply #18 on: September 20, 2011, 05:28:05 AM »
Thanks

Samir

Not at-all. :) Of course, if you keep millions of them..then it may be a different story.. ;)

Aditya
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Offline Figleaf

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Re: Indian coin melting
« Reply #19 on: January 08, 2012, 01:24:38 AM »
Greed landed the coin hoarders in the lock-up
Ankur Jain, TNN Jan 2, 2012

AHMEDABAD: Was it not for a routine inspection by a commercial tax inspector at Dahod check post, the truckload of coins would have passed off as the declared consignment of nuts and bolts. But the seizure in no way led to the criminals as the company as well as the address they had given to the innocent trucker were fake.

What led to the arrest of city-based money-changer Ravi Gupta and Jeetendra Rajai, his counterpart in Raipur, Chhatisgarh, was their own greed. "Some days after the seizure, Gupta and Rajai came to the commercial tax department to get their consignment and truck released. The duo cooked up a story and even tried to bribe their way through. We informed RBI about it and they filed a police complaint and got them arrested," said an official of the commercial tax department.

Gupta runs a money exchange shop in Bapunagar; giving out crisp currency notes and fresh coins in exchange for old coins. Gupta has confessed that he would corner coins given by the RBI on bogus names and fictitious companies. RBI officials said they smelt a rat and had taken it in writing from Gupta in February that he was not involved in hoarding or smuggling of coins.

Police investigators said that Gupta doesn't seem to have made a lot of money and appears to be acting at the behest of a bigger player. "Gupta said he doesn't know the end of use of these coins and supplied them on a commission basis to Rajai who said there was a demand for them in states such as MP and Chhattisgarh. However, we feel Rajai might be selling them off on a premium during festivals or to traders who melt them," said sub-inspector B S Vankar of Naranpura police station.

Source: Times of India
An unidentified coin is a piece of metal. An identified coin is a piece of history.

Offline Bimat

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News - Indian Coin melting units busted, 5 arrested
« Reply #20 on: March 20, 2017, 04:33:48 AM »
Vanishing coins turned into razor blades, ornaments by unscrupulous traders

By Express News Service
Published: 20th March 2017 05:21 AM
Last Updated: 20th March 2017 05:21 AM

VIJAYAWADA: Of late, Indian coins are in high demand. It is suspected that these coins are being sent to Bangladesh where the metal is being used to making blades used in shaving equipment, earrings, necklaces and bracelets worn by boys and girls.

The coins made of ferratic stainless steel are being lapped up by unscrupulous traders by offering up to 15 per cent more value than their face value.

The Reserve Bank of India (RBI) uses ferratic stainless steel and nickel in making Rs 1, 2 and 5 coins and uses copper, aluminum and nickel in the ratio of 92:6:2 in making Rs 10 coin.

According to sources, small scale industries in Bangladesh have been making razor blades for shaving purpose and selling the products back in India.

They melt the ferratic stainless steel coins for making razors. Five razor blades are being made from Rs 5 coin and each blade is sold at Rs 2.

A large number of hair dressers are using these razor blades. Some groups are engaged in making labels for the razor blades also.

The makers of these products are also offering gifts like raincoats and umbrellas, all clocks, lunch boxes if bulk orders are placed by hair dressers and retailers who sell the other products.

As demand for coins is going up, the traders are offering good commission to the youth asking them to collect coins in various denominations. They are offering up to 15 to 20 per cent commission on the value of the coins.

“The RBI is aware of the smuggling of coins out of the country. The banking regulator is planning to introduce plastic currency even for small denomination of coins. The problem now is the coins released by RBI are disappearing,” an officer of the rank of the Assistant General Manager in SBI said, adding: “All the banks have released large number of coins during Godavari and Krishna Pushkarams but it is suspected that 50 per cent of them have just vanished.”

“I don’t know for why they are taking coins. For the past several years they take coins from us by paying a premium. If I give coins of a face value of Rs 88, they are paying Rs 100,” says a beggar near Kanaka Durga temple.

Source: The New Indian Express
Caution. The low-hanging fruits are still there maybe for a reason.

Offline dheer

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Re: News - Indian Coin melting units busted, 5 arrested
« Reply #21 on: March 20, 2017, 05:00:57 AM »
Old news redone by the Newspapers to keep relevant.  ;D
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Offline Bimat

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News - Indian Coin melting units busted, 5 arrested
« Reply #22 on: March 20, 2017, 05:15:12 AM »
Old news redone by the Newspapers to keep relevant.  ;D

Not really. This part of the story is new:

Quote
The makers of these products are also offering gifts like raincoats and umbrellas, all clocks, lunch boxes if bulk orders are placed by hair dressers and retailers who sell the other products.

 ;D ;D

Aditya
Caution. The low-hanging fruits are still there maybe for a reason.

Offline Md. Shariful Islam

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Re: News - Indian Coin melting units busted, 5 arrested
« Reply #23 on: March 20, 2017, 05:37:15 AM »
Funny stories on...  :-\ Shows that Bangladesh is advanced in industries. India does not have capacity to melt them to produce razors, etc. It is Bangladesh who can. Funny and disgusting.

Offline Bimat

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News - Indian Coin melting units busted, 5 arrested
« Reply #24 on: March 20, 2017, 06:29:28 AM »
Cross border smuggling of coins is not possible without help from the Indian side. How deep are corruption roots here? ::)

Aditya
Caution. The low-hanging fruits are still there maybe for a reason.

Offline Bimat

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News - Indian Coin melting units busted, 5 arrested
« Reply #25 on: March 20, 2017, 11:21:03 AM »
How did I miss this major statement! :o ;D

Quote
“The RBI is aware of the smuggling of coins out of the country. The banking regulator is planning to introduce plastic currency even for small denomination of coins.

Aditya
Caution. The low-hanging fruits are still there maybe for a reason.

Offline Figleaf

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Re: News - Indian Coin melting units busted, 5 arrested
« Reply #26 on: March 20, 2017, 11:24:13 AM »
The razor blade myth has been debunked years ago. The metal in the coins is unsuitable for razor blades. No pro hairdresser would buy them more than once. That makes the whole article, including the plastic coin item, suspect, to put it kindly. Fake news is not a US monopoly.

Peter
An unidentified coin is a piece of metal. An identified coin is a piece of history.

Offline dheer

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Re: News - Indian Coin melting units busted, 5 arrested
« Reply #27 on: March 20, 2017, 01:57:32 PM »
Funny stories on...  :-\ Shows that Bangladesh is advanced in industries. India does not have capacity to melt them to produce razors, etc. It is Bangladesh who can. Funny and disgusting.

Some is hype, even in India small scale industries do illegally melt coins for metal value. However the Bangladesh angle is if you get coins across, they can at leisure melt them. It is not illegal in Bangladesh to melt Indian coins  ;D  so if you get past the porous borders you have no fear of getting caught.
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Offline dheer

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Re: News - Indian Coin melting units busted, 5 arrested
« Reply #28 on: March 20, 2017, 01:59:06 PM »
Cross border smuggling of coins is not possible without help from the Indian side. How deep are corruption roots here? ::)

Aditya

Its only recently we have redefined boundaries. Else a framer walks to Bangladesh everyday and comes back to his home in India or vice versa. I don't think we have a secure border with Bangladesh.
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