Government stops the production of coins

Jan 12 2018 03:51 PM
Government stops the production of coins

Now the government after demonetization, is planning to control the production of coins. Production of coins in the government's mint has been stopped. Government mints in Noida, Mumbai, Kolkata and Hyderabad are affected by this. The casting of coins of 1, 2 and 5 rupees is currently closed. Let us tell you that coins are made on behalf of the Indian government at these four places.   

In a directive on Tuesday, Securities Printing and Mining Corporation of India Limited, a public company operating the printing press, said that the production of circulating coins has been stopped with immediate effect.   

For these reasons, the production is stopped. Government storage rooms which have been stored for storing coins, they are full. Hence, there is no place to store the new coins. An English website is revealing the information from internal sources of the Mint that the central bank is not just coins. That's why it was decided to stop the production.   

This will not affect you because however, there will be no impact on the market as there is no shortage of coins in the market. The usage of online payments has increased significantly since the last 6 to 9 months. For this reason, there is no shortage of coins in the market. 

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