Coin-export should be propagated

Kashmir Times. Dated: 4/15/2019 2:59:55 PM

Dear Editor,
It refers to media-reports about huge nine-billion stock of coins presently held by Reserve Bank of India RBI because of plenty surplus coins already in circulation. Problem is going to be further mounted with pending indent of 3400 million coins for the year 2019-20 which is just one-third capacity of government-mints for producing coins. RBI-indents to Security and Printing Mills Company Limited SPMCIL for unwanted and forced-on-public coins are 8700 million coins for the year 2020-21 and 9800 million coins for the year 2021-22 which is likely to further add up to big problem to faced by public with unpopular coin-denominations of rupees 10 and 20 to be forced to tear up pockets and purses in years to come.
This is all due to faulty planning when suddenly capacity of mints is increased manifolds for short-term solution of coin-shortage without thinking of long-term problem of plenty. Since mint-capacity is already increased at huge cost, central government should target big export-market for coins in countries including like Brazil, Srilanka, Maldives etc. rather than forcing coins on public. SPMCIL should be asked to immediately stop minting of coins in unpopular denominations of rupees 10 and 20 retaining only denominations of rupees one and five.
—Madhu Agrawal,
1775 Kucha Lattushah
Dariba, Chandni Chowk Delhi.

 

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