Issue of INR
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The Security Printing and Minting Corporation of India Limited (SPMCIL) is a government-owned entity that produces banknotes, coins, and government documents. Established in 2006, it comprises nine operational units, including four presses and four mints. The Reserve Bank of India (RBI) regulates the currency system with policies such as the Managed Paper Currency Standard and the Clean Note Policy to ensure the efficient circulation and integrity of currency in the economy.
Issue of INR
- 3. SECURITY PRINTING AND MINTING CORPORATION OF INDIA LIMITED (SPMCIL) Security Printing and Minting Corporation of India Limited (SPMCIL) is an Indian government-owned corporation that engages in the production of bank notes, coins, non–judicial stamps, postage stamps, and other government related documents for India. The company was formed in 2006 as the result of corporatisation of security presses and mints functioning under the Indian Ministry of Finance. It contains nine units, four presses, four mints, and a paper mill. Security Printing and Minting Corporation of India Limited (SPMCIL) Four Presses Four Mints Paper Mill
- 4. PRESSES Currency Note Press (CNP), Nashik Bank Note Press (BNP), Dewas India Security Press, Nashik Security Printing Press, Hyderabad • CNP and BNP print currency. • India Security Press and Security Printing Press produce travel documents, postage stamps, and other government-related documents.
- 5. BHARATIYA RESERVE BANK NOTE MUDRAN PRIVATE LIMITED Currency is also printed by the two presses of Bharatiya Reserve Bank Note Mudran Private Limited, a wholly owned subsidiary of Reserve Bank of India. The two presses are located at Mysore and Salboni.
- 6. MINTS Bombay (Mumbai) Mint Bombay (Mumbai) Mint has a diamond under the date of the coin (year of issue). The proof coins from this mint have a mint mark ‘B’ or ‘M'. Calcutta (Kolkata) Mint Calcutta mint has no mark under the date of the coin (year of issue). Or it has a "c" mark. Hyderabad Mint Hyderabad Mint has a star under the date of the coin (year of the issue). The other mint marks from Hyderabad include a split diamond and a dot in the diamond. Noida Mint Noida mint has a dot under the year of issue (coin date).
- 7. PAPER MILL Security Paper Mill was established in 1968 at Hoshangabad, Madhya Pradesh. It produces papers for banknotes and non– judicial stamps
- 9. The RBI follows a minimum reserve system in the note issue. Initially, it used to keep 40 per cent of gold reserves in its total assets. But, since 1957, it has to maintain only Rs. 200 crores of gold and foreign exchange reserves, of which gold reserves should be of the value of Rs. 115 crores. As such, India has adopted the “managed paper currency standard.” Since 1957, the country has to maintain only Rs. 200 crores of gold and foreign exchange reserves, of which gold reserves should be of the value of Rs. 115 crores.
- 10. In order to increase the life of currency notes, Reserve Bank of India (RBI) issued Clean Note Policy in 2001. According to the policy ◦ no stapling, writing and excessive folding are to be done on the currency notes ◦ Timely removal of soiled currency notes has to be done at banks
- 11. RBI has some sort of currency store houses known as currency chests. Currency chests acts as networks of currency distribution. The main function of currency chests is to facilitate note supply. They help the RBI to undertake smooth supply of currency notes across the country. Currency chests store currency notes and coins. Currency chests are usually located at selected branches of scheduled banks. As on March 2016, there were 4102 Currency Chests and 3783 Small Coin Depots.
- 12. Source: RBI Annual Report, 2016 According to RBI, as on 2016 March, Currency worth Rs. 16,415 billion and coins worth Rs. 218 billion is in circulation.
- 15. In January 1946, currency notes of denomination 1000 and 10000 were demonetized. In 1954, these currency notes were reintroduced and again demonetized on January 1978. Currency notes issued prior to 2005 were withdrawn from the economy. Recently, currency notes of denomination 500 and 1000 were demonetized.
- 17. Security Printing and Minting Corporation of India Limited Four Presses Currency Note Press Bank Note Press India Security Press Security Printing Press Four Mints Bombay Mint Calcutta Mint Hyderabad Mint Noida Mint One Paper Mill Security Paper Mill
- 18. Since 1957, the country has to maintain only Rs. 200 Crores of gold and foreign exchange reserves, of which gold reserves should be of the value of Rs. 115 Crores. According to RBI, as on 2016 March, Currency worth Rs. 16,415 billion and coins worth Rs. 218 billion is in circulation.
- 19. What is Clean Note Policy? How far it has been successful? Our country follows managed paper currency standard. What is its benefits or how does it differ from keeping reserves in gold?