Govt to Privatise Distribution to End the Glut of Coins

It's been quite a while since the coins, which haven't been lifted by the Reserve Bank of India (RBI) machinery for circulation, have accumulated in large quantities at India Government Mints.


The Currency and Coin (C&C) Division in the Ministry of Finance, the central bank, has been highlighting the issue of what it describes as the “reverse flow” of coins. Consequently, the government is exploring alternative transportation methods and considering the privatization of coin distribution due to high indents and the slow lifting of coin consignments by the RBI.

Recently, it has come to light that representatives of the RBI have painted an alarming picture of the coin glut. However, they have assured that whatever quantity of coins has been indented by them will now be lifted.

The RBI is reported to have approximately 9 billion coins in stock, while the projected indent given by the RBI to the Security Printing & Minting Corporation of India (SPMCIL) for the year 2019-20 is 3,400 million coins. Incidentally, this is only a third of SPMCIL’s production capacity.

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