Before 2025, Now RBI made a big decision. The RBI has the right to print new coins and notes running in the country. The process is completed in two stages when the RBI proposes to print notes and coins to the central government. After this, the central government takes a decision with the help of senior officials and economists of the RBI and the right to print coins and notes is given to the RBI. A similar process is followed when a note and coin has to be closed.
So far, this has been seen many times in the country, when coins and notes were closed. In 2016, Rs 500 and Rs 1,000 notes were demonetised. Last year, 2000 notes were also discontinued by the Reserve Bank of India. Similarly, the bank has taken a big decision regarding the coin of 5 rupees.
Closed 5 Coins
Coins have always been used in the currency of India along with notes. There are still 5, 10 and 20 coins in circulation, along with 100, 200 and 500 notes. However, in the last few years it has been seen that five coins are disappearing from the market. We have all used the five coin and it must have been seen that it used to be thicker than other coins. However, now these coins are slowly disappearing and they have been replaced by a thin golden coin of 5 rupees.
The same old coins are now appearing in the market which are rotating. Apart from this, golden thin coins are seen everywhere. But do you know why this has happened and why the RBI has closed the old coins? If not, then let us tell you what is the reason behind it.
Metal value higher than surface value
Whatever coins are made, they have two types of values, one of which is called surface value and the other is called metal value. The Rs 5 mark on the coin is its surface value and the metal from which it is made is called the metal value on melting. The metal value of the old coin of 5 was coming higher than the surface value, which people started misusing. This is the reason that the RBI decided to discontinue the old coin of five and new coins were brought in the market.
Blades were being made
The metal used to make the old coin of 5 rupees. The shave blade is made from the same metal. When people came to know about this, they started melting coins and making blades. These coins were illegally sent to Bangladesh. Where 6 blades were made from one coin. A blade was sold for Rs 2. Accordingly, 12 rupees were being earned from a coin of 5 rupees.
