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Who decides the printing requirements for new currency in India?

Date: 17 Oct 2011   Posted By: Paresh Gujarati     Group: Government    Category: Central Government   

Who decides the printing requirements for new currency in India? How do they do it? What would be the no. of currency/coins to be printed? Is there any figure which describes the total no. of notes and coins currently in India? Is there any record available with RBI?

Author: ISC WARRIOR    12 Nov 2011      Member Level: Gold     Points : 2    Voting Score: 2

RBI is having the record of the total number of currency mobilized all over the india. You can see the currency number on every notes. Same rule for coins also. whether india needs infusion of currency or not is decided by the panell working under RBI which submits report to RBI governer. The final decision is taken up by the PM only.

Author: Ramprasad    13 Nov 2011      Member Level: Diamond     Points : 4  (Rs 1)    Voting Score: 2

Reserve Bank of India , RBI only overtakes the currency related matters in India and RBI only has the authority of printing the currency in India. It follows the minimum storage method for the printing of currency in our country. Finance Minister has the authority of printing and supplying the one rupee currency note in India. As per the minimum storage method RBI can issue the worth of currency which equals to at least 200 crore gold and foreign currency. In this at-least 115 crore will be in the form of gold. There are two printing presses in India at where currency is being printed. One press in Nasik, which prints rupees 1, 2, 5, 10 denomination currency notes and another press in Dewas, which prints notes of rupees 20, 50, 100, 500, 1000. Yes RBI maintains the records of the printed currency and coins but we cannot match this currency with circulating currency in the country as some neighbouring countries are also having rupee as their currency.

Author: Hafeezur Rahman P    13 Nov 2011      Member Level: Diamond     Points : 2    Voting Score: 2

Decision making on new currency print or dispose off old currencies done by RBI Governor associating and getting approval with Central cabinet members, President and PM of the country.

RBI has each record of the currency printed. Based on economy strength, total foreign currency exchange and total golds on hand with the country beside other factors, Government and authorities can decide to print out the currency.

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