50-paise coins: Not in circulation, but constituted 14.9% of total coin production in 2014-15
An RTI response from Reserve Bank of India (RBI) following a CIC-verdict in appeal-number CIC/MP/A/2015/000371 reveals that 50-paise coins though not seen and accepted in circulation, constituted 14.90 per cent of total coin-production in the fiscal-year 2014-15.
Data also reveals a small 2.80 percentage of coins in ten-rupee denomination apart from a significant 27.30 percentage coins minted in two-rupee denominations. Enquiry should be made about such large percentage of minting 50-paise coins when there is negligible need or demand for this denomination.
But most wanted denominations of coins are rupees one and five, which have 42.10 and 12.90 percentage of total coin-production are still always in shortage. Government of India, RBI and Security Printing & Minting Company Limited should concentrate only on minting coins of rupees one and five abolishing altogether coins of forced denominations of rupees two and 50-paise.
However a small regular increase in minting of ten-rupee coins may be there to gradually abolish currency-notes in this denomination.
Ideally percentage of minted coins can be 60-per cent in one-rupee denomination, 35-per cent in five-rupee denomination and 5-per cent in ten-rupee denomination.
Commemorative coins of silver-alloy should have a face-value more than its metal-value so that these coins may be made available to general public on face-value like was in earlier time when Gandhi-centenary silver-alloy coins of ten-rupee denomination were available for members of public at face value right from date of issue of coins.
Re 1 coins circulation up, 50 paise losing demand: RTI
Source: Meri News
Data also reveals a small 2.80 percentage of coins in ten-rupee denomination apart from a significant 27.30 percentage coins minted in two-rupee denominations. Enquiry should be made about such large percentage of minting 50-paise coins when there is negligible need or demand for this denomination.
But most wanted denominations of coins are rupees one and five, which have 42.10 and 12.90 percentage of total coin-production are still always in shortage. Government of India, RBI and Security Printing & Minting Company Limited should concentrate only on minting coins of rupees one and five abolishing altogether coins of forced denominations of rupees two and 50-paise.
However a small regular increase in minting of ten-rupee coins may be there to gradually abolish currency-notes in this denomination.
Ideally percentage of minted coins can be 60-per cent in one-rupee denomination, 35-per cent in five-rupee denomination and 5-per cent in ten-rupee denomination.
Commemorative coins of silver-alloy should have a face-value more than its metal-value so that these coins may be made available to general public on face-value like was in earlier time when Gandhi-centenary silver-alloy coins of ten-rupee denomination were available for members of public at face value right from date of issue of coins.
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By PTI | 1 Dec, 2015, 06.39PM IST
MUMBAI: The circulation of coins of various denominations like Re 1, Rs 2, Rs 5 and Rs 10 has gone up in the country in last few years, while the 50 paise coin is losing visibility, an RTI query has revealed.
The share of Rs 1 coins in the market in last five years has gone up from 29.10 per cent (of total share of coins) in March 2011 to 42.10 per cent in March 2015, it further revealed.
In other words, till March 2011, total 32,675 million pieces of Re 1 coin were circulated in the market and the number scaled up to 41,627 million pieces in March 2015, as per the reply from Reserve Bank of India to a query by RTI activist Subhash Chandra Agrawal.
The reply also mentioned that the 50-paise coins, though not seen in much circulation of late, constituted 14.90 per cent of total coin production in the fiscal-year 2014-15.
However, its circulation remained almost unchanged in last four years, as in 2011-12, total 14,785 coins of 50 paise were circulated, and the number marginally went up to 14,788 in 2014-15.
Agrawal questioned the need for minting 50 paise coins in such large number when "there is negligible need or demand for this denomination."
The data also reveals that Rs 10 coins constituted a small 2.80 per cent (of total coin share), while Rs 2 coin had a significant share of 27.30 per cent in 2014-15.
The RTI activist suggested that the government, RBI and Security Printing & Minting Company Limited should concentrate only on minting coins of Re 1 and Rs 5, and abolish coins of Rs 2 and 50 paise.
However, a small regular increase in minting of Rs 10 coins may be there to gradually abolish currency-notes in this denomination, he further suggested.
Source: Economic Times
MUMBAI: The circulation of coins of various denominations like Re 1, Rs 2, Rs 5 and Rs 10 has gone up in the country in last few years, while the 50 paise coin is losing visibility, an RTI query has revealed.
The share of Rs 1 coins in the market in last five years has gone up from 29.10 per cent (of total share of coins) in March 2011 to 42.10 per cent in March 2015, it further revealed.
In other words, till March 2011, total 32,675 million pieces of Re 1 coin were circulated in the market and the number scaled up to 41,627 million pieces in March 2015, as per the reply from Reserve Bank of India to a query by RTI activist Subhash Chandra Agrawal.
The reply also mentioned that the 50-paise coins, though not seen in much circulation of late, constituted 14.90 per cent of total coin production in the fiscal-year 2014-15.
However, its circulation remained almost unchanged in last four years, as in 2011-12, total 14,785 coins of 50 paise were circulated, and the number marginally went up to 14,788 in 2014-15.
Agrawal questioned the need for minting 50 paise coins in such large number when "there is negligible need or demand for this denomination."
The data also reveals that Rs 10 coins constituted a small 2.80 per cent (of total coin share), while Rs 2 coin had a significant share of 27.30 per cent in 2014-15.
The RTI activist suggested that the government, RBI and Security Printing & Minting Company Limited should concentrate only on minting coins of Re 1 and Rs 5, and abolish coins of Rs 2 and 50 paise.
However, a small regular increase in minting of Rs 10 coins may be there to gradually abolish currency-notes in this denomination, he further suggested.
Source: Economic Times
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