The production of coins has been stopped by the Government. In future, there will be a scarcity of coins.
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 storerooms leaving no room for more coins.
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.