Press Esc to close

RBI plans to gradually replace Rs 10 bank note with coins

New Delhi, Nov 23, 2012 (PTI): 14:42 IST
The Reserve Bank plans to gradually replace all Rs 10 bank notes with coins as life of the paper note is only about 9-10 months, the Lok Sabha was informed today.

Rs 10 coins are in circulation since March, 2009.

"The Reserve Bank of India has informed that in the long run, RBI plans to gradually replace Rs 10 bank notes with Rs 10 coins in the country," Minister of State of Finance Namo Narain Meena said in a written reply.

However, he said, this will depend upon the capacity of the mints to supply the required quantity of coins.

The minister said that RBI has also informed that the average life of a Rs 10 denomination bank note is about 9-10 months and its average cost of printing is 96 paise per piece. The cost of minting Rs 10 coin is Rs 6.10.

"Considering the short life span of Rs 10 banknote, printing of the note is not cost effective," Meena added.

He further said that with view to elongating the life of the banknotes, particularly lower denominations, it has been decided by the government and RBI to conduct field trials of one million polymer/plastic notes of Rs 10 denominations.

Replying to another question, Finance Minister P Chidambaram said India has become self reliant in printing of currencies.

The total requirement of about 17,600 million pieces of bank notes of various denominations are printed within the country in four presses, he said.

He further said that there is no confirmed estimate of fake currency within the country.

However, to address the issue of menace of fake currency, several agencies of the central and state governments are working in tandem to "thwart the nefarious activity" related to Fake Indian Currency Notes (FICN).

Also, the Ministry of Home Affairs has constituted Fake Indian Currency Notes Coordination Centre (FCORD) to periodically review the activities of various agencies.

Go to Top

More from this section
Most trending stories
Photo Gallery
Two peacocks in a mid-flight at the Rastrapati Bhawan in New Delhi...

Two peacocks in a mid-flight at the Rastrapati Bhawan in New Delhi...

Former Telecom Minister A Raja addresses the gathering at his book launch 'The 2G Saga...

Former Telecom Minister A Raja addresses the gathering at his book launch 'The 2G Saga...

Police personnel stand guard near the premises of Mahabodhi Temple in Bodh Gaya...

Police personnel stand guard near the premises of Mahabodhi Temple in Bodh Gaya...

STF personnel recover gold after a raid which resulted in arrest of most wanted criminal Subodh...

STF personnel recover gold after a raid which resulted in arrest of most wanted criminal Subodh...

Former Miss Earth Nicole Faria addresses the event for felicitation of 112 women achievers...

Former Miss Earth Nicole Faria addresses the event for felicitation of 112 women achievers...

Bollywood actor Aishwarya Rai at an event to recognise 112 women achievers, to be honoured...

Bollywood actor Aishwarya Rai at an event to recognise 112 women achievers, to be honoured...

A farmer burns the residue of her sugarcane crop at her farm on a cold foggy morning...

A farmer burns the residue of her sugarcane crop at her farm on a cold foggy morning...

Kite-enthusiasts display a kite with an image of Kulbhushan Jadhav during International Kite...

Kite-enthusiasts display a kite with an image of Kulbhushan Jadhav during International Kite...

Honey bees visit a flower near Vijay Chowk area in New Delhi...

Honey bees visit a flower near Vijay Chowk area in New Delhi...

A squirrel eats corn grains on a cold winter morning in Bhopal ...

A squirrel eats corn grains on a cold winter morning in Bhopal ...

Like us on Facebook

Copyright 2017, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523
Powered by Yodasoft Technologies Pvt. Ltd.