Press Esc to close
Sunday 26 June 2016
News updated at 3:21 PM IST
Weather
Max: 27.5°C
Min : 19.4°C
In Bengaluru
Generally cloudy

RBI plans to gradually replace Rs 10 bank note with coins

New Delhi, Nov 23, 2012 (PTI):

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

Photo Gallery
Renowned sand artist Sudarsan Pattnaik creates a sand sculpture to congratulate Athlete Dutee chand

Renowned sand artist Sudarsan Pattnaik creates a sand sculpture to congratulate Athlete Dutee chand

Cricketer Virat Kohli sings the national anthem during the opening ceremony of the Pro Kabaddi...

Cricketer Virat Kohli sings the national anthem during the opening ceremony of the Pro Kabaddi...

Security forces inspecting the CRPF bus which was attacked by militants on Srinagar-Jammu National..

Security forces inspecting the CRPF bus which was attacked by militants on Srinagar-Jammu National..

Uttar Pradesh Chief Minister Akhilesh Yadav at a roza iftar party in Lucknow...

Uttar Pradesh Chief Minister Akhilesh Yadav at a roza iftar party in Lucknow...

Bollywood actor Jacqueline Fernandez during the launch of Aeropostale store in Mumbai...

Bollywood actor Jacqueline Fernandez during the launch of Aeropostale store in Mumbai...

Two planes perform a dramatic fly past, during a display of the Red Arrows Display Team...

Two planes perform a dramatic fly past, during a display of the Red Arrows Display Team...

Local train on water logged railway track in Thane on Saturday. Local train services...

Local train on water logged railway track in Thane on Saturday. Local train services...

The launch of New Audi R8 V10 Plus in Hyderabad on Saturday...

The launch of New Audi R8 V10 Plus in Hyderabad on Saturday...

Siberian tigers play in the pool of their enclosure to cool themselves in the zoo...

Siberian tigers play in the pool of their enclosure to cool themselves in the zoo...

BJP activists holding a protest in front of Ram Remple in Bhubaneswar on Friday...

BJP activists holding a protest in front of Ram Remple in Bhubaneswar on Friday...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523