Government has stopped producing coins, because these reasons

Earlier, the SPMCIL (Running Printing and Mining Corporation of India Limited) issued the directive, which are in circulation of the printing presses are being stopped immediately.

Kolkata / Mumbai: Four government printouts have stopped production of coins while referring to lack of space for storage and storage of coins in the market. Official sources said that the printing presses located in Kolkata, Mumbai, Noida and Hyderabad have blocked this.

Security printing and mining corporation of India Limited, a public company that operated the printing press, had said in a directive that the production of circulating coins has been stopped with immediate effect. It was said that work will be done in normal hours without any 'overtime' work in the printing presses.

Earlier, the SPMCIL (Running Printing and Mining Corporation of India Limited) issued the directive, which are in circulation of the printing presses are being stopped immediately.

Reasons for Coin Printing -

The reason behind closing coins is that there was a huge amount of coins made after the banquo. These coins are available in a large quantity in RBI stores. According to sources, if there is a storage of 2500 MPCS coins till January 8 and that is why the production of coins has been stopped till the next RBI order.

Let us tell you that on November 8, 2016, PM Modi in his speech said that notes of 500 and 1000 rupees are being discontinued from midnight.