Indian Government stops the production of coins
The production of coins has been stopped as store rooms are getting full and RBI has not picked up the coins
With the effect from January 8, 2018, the Indian Government Mint has stopped the production of coins as the government storage rooms are full. The coins which are manufactured in large quantities are stored in these storerooms which is full at this moment leaving no room for more coins.
Indian Government Mint operates four mints which are located in Noida, Mumbai, Kolkata and Hyderabad where coins are produced. After the production, RBI circulates these coins.
The production of coins was stopped after the Union of these mints issued a notice to the General Managers of the four mints as the storerooms were full.
According to the sources, RBI has to pick up around 2500 million pieces of manufactured coins from the storage rooms.
The RBI spokesperson told India Today,
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 discontinuation of minting of coins will have no effect on the circulation since there is no shortage of coins.