5 Rupee Coin: The Reserve Bank of India (RBI) is the only authority to issue directions regarding the very issue of currency or coins in this country. There have been some recent updates regarding the 5 rupee coin. Shopkeepers are refusing 5 rupee coins for a number of days now. Therefore, RBI has taken a big decision concerning the 5 rupee coin. Let’s know the complete information.
Updates pertaining to coins and notes in circulation in the country are released from time to time by the Reserve Bank of India (RBI). Now recently some news is coming up in which it states that the government can now put a stop to the old 5 rupee coins. The government gives instructions to RBI, after which RBI takes action to either issue or withdraw currency and coins from circulation. RBI will take the decision to stop them only upon instructions from the government, so let us find out whether 5-rupee coins will really be stopped or just rumor.
RBI’s New Update On 5 Rupee Coin
Currently, in India, coins in the denominations of 1 to 20 rupees are in circulation. In addition to currency notes, coins are actively being used in India; 5, 10, and 20 rupee coins are present in circulation with 100, 200, and 500 rupee notes. Recent observations suggest that the five rupee coin has begun to disappear from markets where it was once very commonly used, being thicker than the rest of the other coins, whereas now its market share is shrinking, with its market presence being complemented by the thin 5 rupee gold-colored coin.
5 Rupee Coin Banned
if a coin is exceeding 5 rupees and weighs more than 9 grams, then RBI ceases the minting of that coin; now, the coins are seen everywhere on the market within gold and thin shapes. They are becoming rare because melting the heavy metal used in manufacturing these thick 5 rupee coins can easily yield four to five blades that cost more than 5 rupees. Government had been incurring such losses under which RBI may go such steps for discontinuation of the Rs 5 coin.
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