1. Home
2. Letters

RBI provides coin-issue programme

Kashmir Times. Dated: 12/4/2015 6:16:50 PM

Dear Editor,
RTI response from Reserve Bank of India (RBI) following a CIC-verdict in appeal-number CIC/MP/A/2015/000371 reveals that 50-paise coins though not seen and accepted in circulation, constituted 14.90 percent of total coin-production in the fiscal-year 2014-15. Data also reveals a small 2.80 percentage of coins in ten-rupee denomination apart from a significant 27.30 percentage coins minted in two-rupee denominations. Enquiry should be made about such large percentage of minting 50-paise coins when there is negligible need or demand for this denomination.
But most wanted denominations of coins are rupees one and five which have 42.10 and 12.90 percentage of total coin-production are still always in shortage. Government of India, RBI and Security Printing & Minting Company Limited should concentrate only on minting coins of rupees one and five abolishing altogether coins of forced denominations of rupees two and 50-paise. However a small regular increase in minting of ten-rupee coins may be there to gradually abolish currency-notes in this denomination.
Ideally percentage of minted coins can be 60-percent in one-rupee denomination, 35-percent in five-rupee denomination and 5-percent in ten-rupee denomination.
Commemorative coins of silver-alloy should have a face-value more than its metal-value so that these coins may be made available to general public on face-value like was in earlier time when Gandhi-centenary silver-alloy coins of ten-rupee denomination were available for members of public at face value right from date of issue of coins.
—Madhu Agrawal,
1775 Kucha Lattushah
Dariba Delhi.