Press Esc to close
Wednesday 25 January 2017
News updated at 1:47 AM IST
Weather
Max: 29.5°C
Min : 15.9°C
In Bengaluru
clear sky

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
Actor Shah Rukh Khan travels from Mumbai to Delhi in August Kranti Rajdhani Express while...

Actor Shah Rukh Khan travels from Mumbai to Delhi in August Kranti Rajdhani Express while...

11-month-old Pacific harbor seal named Ziggy. Ziggy was only a day old and still had her...

11-month-old Pacific harbor seal named Ziggy. Ziggy was only a day old and still had her...

Students perform during full dress rehearsal for Republic Day function in Gurugram on Tuesday...

Students perform during full dress rehearsal for Republic Day function in Gurugram on Tuesday...

An expert horse rider from Madhya Pradesh Equestrian Academy showing his skills during full dress...

An expert horse rider from Madhya Pradesh Equestrian Academy showing his skills during full dress...

Army personnels participate in full dress rehearsal for Republic day parade at Indira Gandhi...

Army personnels participate in full dress rehearsal for Republic day parade at Indira Gandhi...

Jammu and Kashmir Police contingent marching past at snow-covered field during full dress...

Jammu and Kashmir Police contingent marching past at snow-covered field during full dress...

A security jawan guards near Taj Mahal in Agra on Tuesday ahead of Republic Day...

A security jawan guards near Taj Mahal in Agra on Tuesday ahead of Republic Day...

A wild elephant separated from its group wanderers in Birbhum forest range on Tuesday...

A wild elephant separated from its group wanderers in Birbhum forest range on Tuesday...

The guided Pinaka rocket is successfully test-fired for the second time from launch complex-III...

The guided Pinaka rocket is successfully test-fired for the second time from launch complex-III...

Tamil film actor Kamal Haasan expressing his support to the student for Jallikattu during a press...

Tamil film actor Kamal Haasan expressing his support to the student for Jallikattu during a press...

Like us on Facebook

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