- News>
- Finance & Markets
RBI to issue ten rupee coins next year
Nagpur, Feb 01: The Reserve Bank of India has plans to issue ten rupee coins next year but ruled out the possibility of introduction of higher denomination currency notes above Rs one thousand.
Nagpur, Feb 01: The Reserve Bank of India has plans to issue ten rupee coins next year but ruled out the possibility of introduction of higher denomination currency notes above Rs one thousand.
The ten rupee coin is in the design stage and it may take
another one and a half years to come into circulation, RBI
deputy governor Vepa Kamesam told reporters here.
The Ashoka pillar on the currency notes is being gradually replaced by Mahatma Gandhi's image, he said.
There was no plan to re-introduce currency notes of small denominations like rupee one and two, which had already been phased out, Kamesan said.
RBI was managing currency through 19 regional offices, 4428 currency chests of nationalised banks and 3784 small coin depots.
RBI has phased out 17 billion soiled and damaged currency notes so far as part of its commitment to ‘clean note policy’, he said.
There were 42 billion soiled notes in circulation in the country. RBI drew up a plan to phase out these notes gradually and push new notes in the market simultaneously, Kamesam said.
Inaugurating a new state-of-the-art ‘Currency Verification and Processing System’ (CVPS) at RBI office here, Kamesam said RBI has already installed 42 CVPSs at its various offices in the country to supplement the manual processing of notes.
The fully computerised CVPS are capable of processing 50,000 to 60,000 notes per hour. It counts, examines the genuineness of the notes, sorts notes into fit and unfit category and destroys the unfit notes on line. Bureau Report
The Ashoka pillar on the currency notes is being gradually replaced by Mahatma Gandhi's image, he said.
There was no plan to re-introduce currency notes of small denominations like rupee one and two, which had already been phased out, Kamesan said.
RBI was managing currency through 19 regional offices, 4428 currency chests of nationalised banks and 3784 small coin depots.
RBI has phased out 17 billion soiled and damaged currency notes so far as part of its commitment to ‘clean note policy’, he said.
There were 42 billion soiled notes in circulation in the country. RBI drew up a plan to phase out these notes gradually and push new notes in the market simultaneously, Kamesam said.
Inaugurating a new state-of-the-art ‘Currency Verification and Processing System’ (CVPS) at RBI office here, Kamesam said RBI has already installed 42 CVPSs at its various offices in the country to supplement the manual processing of notes.
The fully computerised CVPS are capable of processing 50,000 to 60,000 notes per hour. It counts, examines the genuineness of the notes, sorts notes into fit and unfit category and destroys the unfit notes on line. Bureau Report