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Making Of Coins Stopped By RBI Owing To Lack Of Storage Space

There is a heap of coins in the mints of the country. Those who kept the information told that the RBI’s treasury is packed with currency deposited during the note ban. Public sector security printing and Mining Corporation of India has mint in Kolkata, Hyderabad, Mumbai, and Noida.

Making Of Coins Stopped By RBI Owing To Lack Of Storage Space

According to the Mumbai Mint’s internal notice issued on Wednesday, “According to the instructions from SPMCIL, all employees are being informed that the production of Circulation Coins in India Government Mint, Mumbai will be stopped right away with immediate effect.

With this step, the common people are not afraid of trouble as the RBI has adequate supplies of coins. On November 24, 2016, it had coins of Rs 676 Crore worth 1, 2, 5 and 10 Rupees. A senior RBI official said that coins productions have been stopped owing to no enough room in the treasury of the RBI. He said that there are notes of 500 and 1000 Rupees, which were canceled. In November 2016, about 85% of the circulation notes were declared illicit due to the ban.

However, the workers are not happy with the steps to stop the coin casting as it has hit their overtime. The Mumbai Minute’s notice said, “Mint will now have normal working hours from January 9. There will be no overtime until the next order.”

According to the RBI’s 2016-17 Annual Report, in 2016-17, the value of the Coin in circulation increased by 14.7%, while circulation volume increased by 8.5%. In the circulation volume, the share of coins of 1 and 2 Rupees was 69.2%, while the share of value was 44.8%. RBI has been promoting the use of coins instead of notes of 5 and 10 Rupees, as the life of metal is much longer than paper.

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