Ten rupee bank notes to be replaced with coins gradually

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.

hidden November 23, 2012 14:53:41 IST
Ten rupee bank notes to be replaced with coins gradually

New Delhi: 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.

Ten rupee bank notes to be replaced with coins gradually

The average life of a Rs 10 denomination bank note is about 9-10 months . Reuters

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.

PTI

Updated Date:

also read

Retail inflation jumps to 5.52% in March; factory output contracts 3.6% in February
Business

Retail inflation jumps to 5.52% in March; factory output contracts 3.6% in February

The manufacturing sector — which constitutes 77.63 percent of the IIP — declined by 3.7 percent in February 2021, as per NSO data

Retail inflation rises to 5.52% in March due to higher food prices, shows govt data
Business

Retail inflation rises to 5.52% in March due to higher food prices, shows govt data

The rate of price rise in the food basket accelerated to 4.94 percent in March from 3.87 percent in the preceding month, as per data released by the NSO

RTGS to remain unavailable for 14 hrs from midnight on 17 April due to technical upgrade: RBI
Business

RTGS to remain unavailable for 14 hrs from midnight on 17 April due to technical upgrade: RBI

The popular National Electronic Funds Transfer or NEFT for fund transfers of up to Rs 2 lakh will continue to be operational as usual during this period