Monday 21 Jan, 2019

Excess of Coins; Government to Halt Minting of Coins

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New Delhi: The Center has temporarily halted the minting of coins denominates Rs 1,2,5. Officials said the demand for halting the minting of coins, because of there was not possible in the store, while RBI not lifter for circulation.

The government had instructed the general managers of the four departments - Noida, Mumbai, Kolkata and Hyderabad - to stop the construction on January 8.

There are 2.528 million coins currently in government stores. Though the Mint is headed by the government, the RBI is leading the distribution.

The central bank did not collect coins since the online payment system was over for the last 6 to 9 months.

At the time of the demonetization, people used digital systems even for small money transactions. There are 2528 million coins now. Officials said that if it is not taken over by the RBI, the coins will not be kept.

The spokesperson said the suspension will not cause inflation.

The country currently has a facility to store of 9.5 bn 1,2,5 coins a year.

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