Government mints stop production of coins, urge RBI to clear storage rooms

January 10, 2018  Birendra Singh Ghunawat

Indian Government Mint has stopped the production of coins as of January 8, 2018.
Indian Government Mint operates four mints for the production of coins. The mints are located in Noida, Mumbai, Kolkata and Hyderabad.
These mints are responsible for the production of coins which in turn are circulated by RBI.
The Union of these mints has issued a notice to the General Managers of the four mints to stop the production of coins w.e.f January 8.
This is being done as the government storage rooms are full. Manufactured coins in large quantities are stored in these store rooms leaving no room for more coins.
According to sources, there are around 2500 million pieces of manufactured coins in the storage rooms waiting to be picked up by the RBI.
"The RBI is not the concerned authority for the minting of coins. The General Managers of the Government Mints would be the right authority to comment on it," the RBI spokesperson said.
Adding to the comment, the spokesperson asserted that the discontinuation of minting of coins will have no effect on the circulation, since there is no shortage of coins.
The Mint Union wants the government to take concrete steps and pick up the manufactured coins from these storage rooms and circulate them.
Reference;

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