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Govt asks 4 mints to resume coin production albeit at slower pace

| | Kolkata | in Sunday Pioneer

The Government has gone back on its decision to halt production of coins entirely and has asked all the four mints in the country to restart production, albeit at a slower pace, industry sources said on Saturday.

     The Govt has directed the state-run Security Printing and Minting Corporation of India Limited (SPMCIL), which runs the four Government mints in Kolkata, Mumbai, Noida and Hyderabad, to work on single shift, instead of the usual two, and keep minting coins of different denominations.

“We have started minting of coins from Friday. We have been asked to produce coins of all denominations,” Bijan Dey, Vice-President, Calcutta Mint Employees Association, told PTI.

The official said that the Reserve Bank of India (RBI) had given an indent of 7,712 million coin pieces to the government mints for 2017-18 of which 5,900 million units have already been produced. The mints are expected to meet the target in the remaining two-and-a-half months of the current fiscal.

The RBI picks up the coins and banknotes from the mints for distribution in the market. The Govt had halted coin production from January 9 owing to a glut in the market and lack of storage space. In an order dated January 9, it had asked SPMCIL to stop production of circulation coins with immediate effect and urged the mints to follow normal working hours ‘without any overtime for staff’ for printing of banknotes only.

 
 
 
 
 

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