Do you know how much the govt pays to print a Rs 10 note?

An RTI response reveals different public sector undertakings selling currency notes to the government at different prices

GN Bureau | October 21, 2016


#Subhash Chandra Agrawal   #RTI   #cost of money   #RBI   #printing cost   #currency note  
Rs 10 note
Rs 10 note

Hard cash is not free. In fact, the Rs 10 note costs between 70 paise and Rs 1.12 to print.

 
An RTI response on the printing cost of currency notes has revealed that different public sector undertakings have different printing-cost and sale-price (to the government) for currency notes. The Reserve Bank of India (RBI) owned Bhartiya Reserve Bank Note Mudran Private Limited (BRBNMPL) sells the notes of Rs 10 and Rs 20 at a cost of 70 paise and 95 paise to the authorities, while the units of central government owned Security Printing & Minting Corporation of India Limited (SPMCIL) sells these notes at a much higher price at Rs 1.22 and Rs 1.216.
 
The application was filed by RTI activist Subhash Chandra Agrawal. The RTI also sought information regarding the steps taken to reduce the cost of printing of notes. The SPMCIL said that its corporate office doesn’t have the information and directed the query to Currency Note Press (CNP), Nashik and the Bank Note Press (BNP), Dewas to reply to the petitioner. The BRBNMPL, on the hand, denied information stating “the cost of printing bank notes cannot be provided since it is considered as exempted information that falls under the ambit of section 8(1)(a) of the Right to Information Act, 2005.”
 
Denomination in Rs SPMCIL BRBNMPL
  BNP, Dewas CNP, Nashik  
10 - 1.220 0.70
20 1.216 - 0.95
50 - 0.864 1.09
100 1.516 1.544 1.43

Interestingly, a 2015 report by the Institute for Business in the Global Context, revealed that RBI and commercial banks annually spend Rs 21,000 crore ($3.5 billion) to print and circulate currency notes and coins, and to keep them safe. This builds a strong case for the use of digital currency. 
 
Read our cover story on cashless economy: Case against cash
 
 

Comments

 

Other News

Battle over cattle, Delhi govt schools lead the way and, why we must return to Gandhi & Tagore

On May 23 this year, the ministry of environment issued ‘Rules on prevention of cruelty to animals (regulation of livestock market)’ with the purported aim of regulating animal markets. When one reads the rules – notwithstanding the lame efforts from union ministers to issue clarificati

BEML unveils 9 MW capacity windmill park

  BEML, a mini ratna category-1 enterprise of the defence ministry, has set a target of using 100 percent renewable energy for its own consumption.   In this connection, BEML’s 9 MW Windmill Park installed at Bagalkot District in Karnataka was recently

BHEL registers increase in intellectual capital

  Bharat Heavy Electricals Limited (BHEL), a Maharatna enterprise, has recorded nearly 14 percent growth in its intellectual capital in 2016-17 fiscal. During the year, a record 508 patents and copyrights were filed by the company, translating into filing of nearly two patents/copyrights

NALCO partners with CII, Odisha for outreach programmes on GST

  National Aluminium Company Limited (NALCO) has joined hands with the Confederation of Indian Industries (CII), Odisha, to organise outreach programmes for industries and other stakeholders on GST implementation.   Series of interactive programmes are being

EPFO inks MoU with HUDCO for Housing for All by 2022

  Taking prime minister Narendra Modi’s vision of ‘Housing for all by 2022’ forward, Employees` Provident Fund Organisation (EPFO) has amended the EPF Scheme, 1952 to provide assistance in acquiring affordable houses to the EPF members by allowing withdrawal from PF to

IndianOil LPG import terminal to reduce refill backlog in Kerala

IndianOil is currently transporting bulk LPG from Mangalore to various LPG bottling plants in north Kerala through about 100 bullet trucks every day, which ply on narrow highways. A pipeline connecting the proposed LPG import terminal to Kochi Refineries Limited and the LPG bottling plants at Udayamperoo



Video

पाकिस्तानी सेना कैमरे में कैद करना चाहती थी ये हमला

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter