RBI Update: RBI is responsible for printing notes and coins. RBI keeps printing notes and coins every year. Some time ago, RBI discontinued the circulation of the 2000 rupee notes. 5 rupee coin has been discontinued. This coin was in circulation for a long time, but now there are reports of a complete ban on it.
In 2016, the government made a big decision and surprised everyone by announcing the ban on 500 and 1000 rupee notes. Now the question arises: What is the reason behind the prohibition of the 5 rupee coin? Alcoins are explained in detail below. If you have a 5 rupee coin, you can withdraw it immediately. Such a claim is being made in online media.
Do you know why the 5 rupee coin was discontinued?
There are now two types of 5 rupee coins in circulation in India: one made of brass and the other of thick metal. The circulation of thick coins has recently reduced—neither the central government nor the RBI issues thick metal coins of Rs 5. Coins made of brass are mostly sold on the market.
The real reason for discontinuing the Rs 5 coins is that the metal used in their manufacture could be melted to make 4 to 5 blades, which cost more than Rs 5. There are reports of discontinuing the Rs 5 coin due to economic reasons. This is the first time the government has discontinued the Rs 5 coin.
RBI took a shocking decision
RBI surprised everyone by discontinuing the Rs 5 coin. The government received information that Rs 5 coins were being used illegally on a large scale, so an investigation was conducted. After the matter came to light, RBI changed the Rs 5 coin. In addition to changing the metal of the old coin, a decision was made to reduce its thickness.
RBI issues notes and coins
Did you know that the RBI is responsible for printing notes and coins? The government decides which notes and coins will be circulated in the market, and after getting permission from the RBI, the government prints them.