One Rupee Coins Not Minted in the Financial Year 2021-22

In the recent Reserve Bank of India's Annual Report for the fiscal year 2021-22, released on May 27, 2022, it was indicated that the ₹1 coin was neither intended nor minted during the mentioned financial year.

The ₹1 coins were minted and supplied to the RBI's chest in approximately 1093 lakh units in the financial year 2019-20 and 1000 lakh units in 2020-21, although they are yet to be found in circulation.

The ₹1 coin was initially issued in 1962 as part of the new decimal coinage, but regular circulation began only from 1970 onwards. It appears to be facing a decline in usage.

In addition to the ₹1 denomination, there is a notable reduction in the indents and supplies of all denominations in the financial year 2021-22. This reduction is largely aimed at discouraging the use of coins and promoting digitalization.

The RBI has raised the commission payable to commercial banks for distributing coins from ₹25 to ₹65 per bag in urban areas, coupled with an additional incentive of ₹10 per bag in rural and semi-urban areas.

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