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India’s mints resume production of coins

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India Government Mints have resumed minting coinsFriday as the state-run Security Printing and Minting Corporation of India Ltd (SPMCIL) revoked its the earlier decision to halt production after workers in the mints sought intervention of the finance minister on the matter.

“We have started working. However, we are working only in one shift,” said Bijan Dey, vice president of Calcutta Mint Employees Association.

Normally, minting of coins is done in two shifts — day and night, and workers earn overtime benefit for the night shift.

Dey said that the workers association had met finance minister Arun Jaitley on the SPMCIL’s stoppage order and sought his intervention.

He said Reserve Bank of India indented 771 crore pieces of coins for this fiscal. The four mints have so far produced about 590 crore pieces and 253 crore coins are yet to be taken by RBI, which manages circulation of coins and bank notes.

RBI has adequate supplies with coins of Rs 1, 2, 5 and 10 worth Rs 676 crore on November 24 last year.

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