Rs 500 & Rs 1000 Notes, Govt to Demonetize Rs 1, 2 & 5 Coins! – RBI New Rules Out: – From the very beginning in the modern civilization, something which is playing the key role is the coins as coins are transition valuing something, which can also help you to buy service or product and it also adds some sum to the note.
There are many things which we do not see or noticed on Indian coins, but various kinds of coins have different symbols and messages for the public anyway.
Coming to the context, there can be various reasons behind bringing over new coins or denominations. These coins are issues and imprint through the SPMCIL mints which is situated and located in Mumbai, Hyderabad, Kolkata, and Noida.
This is also surprising that the Indian government has come forward to provide an unexpected development. The statement read that the production of Re 1, Rs 2 and Rs 5 coins as of January 8, 2018, is brought to an end.
This due to the lack of storage space, so this decision was reportedly come out that more that than 2.5 million coins are in surplus and which haven’t been taken by the Reserve Bank of India (RBI) for circulation.
In the meantime, the mentioned mints are responsible for the production of coins that is turn is circulated by RBI. Speaking about the same, the State-run Security Printing and Minting Corporation of India Limited (SPMCIL), which runs the mints, had in a directive on Wednesday stated that the “production of circulation coins is being stopped with immediate effect”.
In its fresh notifications, RBI stated that the calibration of coin production needs to take place from time to time based on an assessment of the coins which is right now is in the circulation and storage space.
Right now, there is no space with banks or the Reserve Bank of India to store the coins. As of now, India’s mint houses reportedly have a capacity of 9.5 billion pieces a year of Re 1, Rs 2 and Rs 5 denomination.
In order to get rid of the situation, Mint Union wishes the government to take concrete steps so that it can choose up the manufactured coins from these storage rooms and circulate them in the whole nations for everyone’s best.