why rbi does not issue coins

why rbi does not issue coins

Why rbi does not issue coins
For breaking news and live news updates, like us on Facebook or follow us on Twitter and Instagram. Read more on India Latest News on India.com.
Also Read – RBI Enhances Scope of Non-resident Rupee Accounts

Why rbi does not issue coins
“It is reported that there are doubts in some quarters, regarding the genuineness of such coins which has resulted in reluctance on the part of some traders, shop-keepers and members of public to accept coins. This has impeded the free use and circulation of coins in certain pockets of the country.
However, the RBI continues to receive complaints about non-acceptance of coins by bank branches, causing considerable inconvenience to the public at large, the RBI said in a notification.

In addition to printing money, the Reserve Bank of India has other major responsibilities aimed at maintaining the stability of the Indian financial system. The Reserve Bank of India issues monetary policy and controls and supervises banks across the country.
The Reserve Bank of India (RBI), headquartered in Mumbai, India, manages currency in India.   The bank’s additional responsibilities include regulating the country’s credit systems and using monetary policy to establish financial stability in India. Before 1934, the government of India had the responsibility of printing money. However, RBI was granted its role in currency management on the basis of the Reserve Bank of India Act in 1934. Specifically, Section 22 of the RBI Act gives the bank the authority to issue currency notes.   The Reserve Bank of India has printing facilities in Dewas, Mysore, and Salboni.  

3. Is the one-rupee note real? Yes.
(Not convinced of a story you came across on social media and want it verified? Send us the details at [email protected] and we’ll fact-check it for you. You can also read all our fact-checked stories here.)

Why rbi does not issue coins
“We did take the matter to the notice of the Reserve Bank of India (RBI), but the situation remains the same,” he added.
The coins are made at mints, which are under the Government of India, it said, adding that these coins have distinctive features to reflect various themes of economic, social and cultural values, and are introduced from time to time.

References:

http://m.economictimes.com/markets/stocks/news/rbi-says-all-coins-must-be-accepted-as-legal-tender/articleshow/69962879.cms
http://www.investopedia.com/ask/answers/090715/who-decides-when-print-money-india.asp
http://www.thequint.com/news/webqoof/rbi-did-not-issue-rs-20-rs-150-rs-100-and-rs-1000-coins
http://www.thehindubusinessline.com/money-and-banking/with-no-takers-10-coins-piling-up-at-banks/article27050284.ece
http://en.m.wikipedia.org/wiki/Indian_10-rupee_coin

Leave a Reply

Your email address will not be published. Required fields are marked *