Do you know what will happen when coin worth more then face value? A news by Press Trust of India (PTI) reported that it will be turned into razor blade. In New Delhi, Indian security authorities are now burdened with a new kind of border crime, smuggling of five Indian rupee coins to neighbouring Bangladesh. In Bangladesh, these coins are worth more than their face value. Syndicates are melting the coins and turning them into razor blades. In Bangladesh, these coins are worth more than their face value. Syndicates are melting the coins and turning them into razor blades.
Photo by 8en flickr: India rupee coin
According to police officials, six razor blades could be produced from a single coin and each is sold at two Indian rupees (RM.15), reported the Press Trust of India (PTI).
"This has been going on for quite some time now. We are looking into it," HR Khan, executive director, Reserve Bank of India (RBI) told the news agency.
"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," added Khan.
Photo by shavingstuff.com: Razor blade
The clandestine activity is creating a shortage of the five-rupee coin and the RBI is now taking measures to control the distribution of the coin to prevent any abuse. Across the border, smugglers work in ramshackle workshops to melt the coins into nice razor blades that are then sold in the local markets, according to the news reports.
When coin worth more then its face value, people will melt it and gain profit from it. Do you know any other story on what will happen when your coin is Worth more then their face value? Do you know how much value is your coin nowadays?