Government Mints stop production of coins, reports storages full

Government Mints stop production of coins, reports storages full

According to recent reports, the Indian Government Mint has drawn to a close to the production of coins as of January 8 2018. The Indian Government Mint usually operates four mints for the production of coins and the four mints are located in Mumbai, Noida, Hyderabad, and Kolkata. It is these mints that are responsible for the production of coins which are further circulated by the Reserve Bank of India.

Reportedly, the Union of these mints has issued a notice last week to the General Managers of all the four mints to immediately stop the production of coins w.e.f January 8 of this new year.

This comes as a report showed that the government storage rooms are filled to capacity. The manufactured coins in huge quantities have been stored in these store rooms, thus, leaving no space for more coins.

As per reliable sources, there are already approximately 2500 million pieces of manufactured coins in the storage rooms waiting to be collected by the RBI.

An RBI spokesperson said: "The Reserve Bank of India is not the concerned authority for the minting of coins. The General Managers of the Government Mints is the right authority to comment on it."

The spokesperson further added that the halt in minting of coins will have no effect on its circulation as there is no shortage of coins right now.