5 days Ago
Recently, claims have been circulating that the central government has stopped minting Rs 5 coins due to the metal value exceeding their face value. Additionally, reports suggest that the government is incurring financial losses in producing these coins. But is there any truth to these claims? Let’s explore the facts surrounding the denomination coins.
Two types of Rs 5 coins are currently in circulation in India: It is alleged that the government has stopped minting coarse metal coins of the denomination because people misuse them to make razor blades. According to some reports, it is claimed that one Rs 5 coin can yield four-five blades, leading to misuse and potential losses for the government. However, it has been clarified that the denomination coins made of brass are still being minted.
Yes, the coins of the denomination remain legal tender in India. The Reserve Bank of India (RBI) has stated on its official website that all the coins minted under the Coinage Act, 2011, regardless of size, theme, or design, continue to be valid. This includes both brass and coarse metal coins issued in the past.
Currently, India mints coins in denominations of 50 paise, Rs 1, Rs 2, Rs 5, Rs 10, and Rs 20. Despite a noticeable decrease in the circulation of coarse metal coins, brass coins of the denomination remain in use and are widely distributed. The government has not issued any official notification about stopping the minting of the denomination coins entirely.
The claim that the government has completely stopped minting Rs five coins is false. While there is a decline in the circulation of coarse metal coins of the denomination, brass coins are still being produced. Furthermore, all Rs 5 coins remain legal tender in India.
Citizens can continue to use these coins for transactions without concern..
