Press Esc to close
Wednesday 01 October 2014
News updated at 3:37 PM IST
Weather
Max: 29.3°C
Min : 21.4°C
In Bangalore
Sunny day

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
Players of Kerala Blaster football team pose for a group photo with Kathakali Dancers in Thrissur ..

Players of Kerala Blaster football team pose for a group photo with Kathakali Dancers in Thrissur ..

Barack Obama and Narendra Modi, at the dinner hosted in his honour, at the White House ...

Barack Obama and Narendra Modi, at the dinner hosted in his honour, at the White House ...

Actors Vikram and Karthi participating in a fast to protest Jayalalithaa's conviction ...

Actors Vikram and Karthi participating in a fast to protest Jayalalithaa's conviction ...

Lahore Lions skipper Muhammad Hafeez is bowled during the Champions League Twenty 20 ...

Lahore Lions skipper Muhammad Hafeez is bowled during the Champions League Twenty 20 ...

Congress Vice President Rahul Gandhi provides relief packages to a flood victim in Jammu ...

Congress Vice President Rahul Gandhi provides relief packages to a flood victim in Jammu ...

Modi waves to supporters  in front of the Indian Embassy in Washington ...

Modi waves to supporters in front of the Indian Embassy in Washington ...

People enjoy a sheep fight in Hubli, Karnataka ...

People enjoy a sheep fight in Hubli, Karnataka ...

Chief Minister of Assam Tarun Gogoi interacts with flood victims at a relief camp at Boko ...

Chief Minister of Assam Tarun Gogoi interacts with flood victims at a relief camp at Boko ...

Products made out of waste materials by the students of a college in Rohtak ...

Products made out of waste materials by the students of a college in Rohtak ...

India's Sunil Vitalacharya Sowmarpet and Akashdeep Singh celebrate their victory over South Korea ..

India's Sunil Vitalacharya Sowmarpet and Akashdeep Singh celebrate their victory over South Korea ..

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