2016-05-19 Thu

On 10th May 2016, the Union Minister of State for Finance Jayant Sinha officially stated in Rajya Sabha that there is a huge shortage of coins in the country. According to him, even after 9258 million pieces of coins were minted in the fiscal year 2015-16, it’s far less than RBI-indented 14240 million pieces of coins. As a result, traders are now selling unwanted candies and chocolates at printed MRP with huge trade margins instead of change.

Experts believe that instead of minting large number of 2 rupee coins, more 1 rupee and 5 rupee coins should be minted. Also, the size of the 1 rupee coin can be made as small as the 10 paisa coin for reducing mint cost and increasing production.