Minting of coins stopped due to space constraint

Sakal Times
Thursday, 11 January 2018

These mints are responsible for the production of coins which in turn are circulated by RBI. On Tuesday, General Manager of the Mumbai Mint Hari Pant received a notice to stop the production of coins immediately

Mumbai: After demonetisation, the government decided to stop the use of coins. The Security Printing and Minting Corporation of India Limited has issued notices to all four mints in the country not to mint coins immediately. Indian Government Mint has stopped the production of coins as of January 8, 2018. About 3,000 employees of mint and machines across the country are lying idle since Tuesday.

Indian Government Mint operates four mints for the production of coins. The mints are located in Noida, Mumbai, Kolkata and Hyderabad, where about 3,000 employees work to mint the coins and other related jobs.

These mints are responsible for the production of coins which in turn are circulated by RBI. On Tuesday, General Manager of the Mumbai Mint Hari Pant received a notice to stop the production of coins immediately.

The notice says that the competent authority has decided to stop the production of circulation of coins. The mint will follow the normal working hours without any overtime to the employees.

According to the sources from Hind Mazdoor Sabha, a mint employees’ union, the government storage rooms are full as banned currency notes have been stored in these rooms after demonetisation.

Generally, the coins manufactured in mints are stored in these rooms.

The sources further added that there are around 2,500 million pieces of manufactured coins in the storage rooms waiting to be picked up by the Reserve Bank of India.

When the Sakal Times correspondent tried to contact to General Manager Hari Pant, he was not available to comment about this matter.  

The Government of India has the sole right to mint coins.

The designing and minting of coins in various denominations is also the responsibility of the Government of India. The coins are issued for circulation only through the Reserve Bank of India.

 

 

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