Why coins are issued by Government of India?

Which coins are issued by Government of India?

The coins are issued for circulation only through the Reserve Bank in terms of the RBI Act. Coins in India are presently being issued in denominations of 10 paise, 20 paise, 25 paise, 50 paise, one rupee, two rupees and five rupees.

Who introduced coins in India?

The first rulers in India to issue coins that can clearly be credited to the kings were the Indo-Greeks. They became the first to issue gold coins in India. By the 1st century BCE, the coinage of the Indo-Greek kingdom was gradually inspired by coins from other regions of India.

Is the issuing authority of coins in India?

The Government of India is the issuing authority of coins and supplies coins to the Reserve Bank on demand. The Reserve Bank puts the coins into circulation on behalf of the Central Government.

Do banks accept coins?

RBI has not prescribed any limit for coin deposits by customers with banks. Banks are free to accept any amount of coins from their customers.

Why can’t RBI print unlimited currency?

Yes, Inflation is the basic reason why a country or government does not print unlimited notes.

What is the importance of coins in Indian history?

Coins are as important as the inscription in history. They confirm the information derived from literature. They are of various metals –gold, silver, copper, or alloy and contain legends or simple marks. The coins are very important to the reconstruct of the ancient Indian history.

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