RBI mulling doubling coins: Pranab

Kolkata, March 31 (IANS) Union Finance Minister Pranab Mukherjee Saturday said the Reserve Bank of India (RBI) plans to double the existing number of coins to 12 billion pieces to keep pace with their increasing demand.

An expert committee will also be set up to assess the feasibility and make necessary recommendations.

"There has been ever increasing demand of coins in the country. Keeping this in mind, the RBI is mulling to double the number of coins from the existing 6 billion pieces. An expert committee will also be set up to do the feasibility study and make necessary recommendations," Mukherjee said during the diamond jubilee celebration programme of the Government of India mint here.

He also stressed on the modernisation of the mints and currency printing units.

"We need to emphasise on developing advance printing and minting technologies which will not only lessen our dependence on imports of materials required for the currency but will also help us in becoming self sufficient. This will also help in prevention of fake currency," added Mukherjee.

Mukherjee said the Security Printing and Minting Corporation of India Limited (SPMCIL) is working on developing new security features for currency notes and coins.

"We have been able to prevent to a large extent, the counterfeiting of currency notes because of advanced security features and we are constantly trying to upgrade them," he added.

SPMCIL's chairman and managing director M.S. Rana said Rs.2,500 crore will be invested for the modernisation of the country's printing and minting units.

He said new security features for currency notes which have been approved by the RBI will be incorporated by the end of next year.

"The board of RBI governors has approved the new security features and they will be incorporated by the end of next year. Also the new currency notes will be a symbol of the rich heritage and the prosperity of the country," said Rana.

SPMCIL is a Miniratna Category-I Central Public Sector Enterprise (CPSE), engaged in the minting of coins, printing of currency notes, passport and allied travel documents, postal stationery, non-judicial stamp papers, etc. The Company was incorporated in 2006.