Indian currency and money system

 

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  • In India, the coins are placed in four mints owned by SPMICL.
  • SPMICL stands for Security Printing and Ministry Corporation of India Limited.
  • The currency presses of BRBNMPL are Mysuru (Karnataka), Salboni (West Bengal).
  • Currency Press of SPMICL located in Nashik and Dewas
  • SPMICL is fully owned by the Central Government
  • Coins are not in four places in the four mints owned by SPMICL, Bengaluru
  • SPMICL (4 coin minutes)
    • Kolkata
    • Mumbai
    • Noida
    • Hyderabad
  • BRBNMPL (BHARATIYA RESERVE BANK NOTE MUDRAN PVT LTD)
  • BRBNMPL is a wholly owned subsidiary of RBI
  • Reserve Bank of India
  • BRBNMPL was established in 1995, is headquartered in Bengaluru and is the Deputy Governor of RBI.
  • Under RBI Act Section 38, coins are for circulation.
  • RBI Act 1934 – Coins Sec 38
  • Paper Currency Act – Sec 22
  • There are 3367 currency chests as of March 31, 2020.
  • As of March 31, 2020, 2782 small coins are deposited
  • GOI (Government of India) is responsible for designing and mining coins in various denominations as per Coinage Act 2011.
  • Accident act – 1906
  • Paper Currency Act – 1861
  • Presently RBI has to pay Rs. Is not being released. 5 denomination banknotes
  • 1000 rupees is not currently a legal tender in India
  • Under Section 22 of the RBI Act, RBI has the exclusive right to issue banknotes in India
  • The highest denomination value of a banknote in India is Rs. 10,000 and is for Rs. 1000


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