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

BMC commissioner Chahal conferred with hon. doctorate

BMC commissioner and administrator Iqbal Singh Chahal has been conferred with a Honorary Doctor of Science Degree (honoris causa) by Guru Nanak Dev University in Amritsar, Punjab. Chahal was conferred the degree during the 48th convocation of the University in Amritsar at the hands of Punjab

Sebi to have two-track approach on ESG

Securities and Exchange Board of India (Sebi) aims to use a two-track approach on environmental social and corporate governance (ESG). Addressing a conference on ‘ESG for Atmanirbhar Bharat` in Mumbai, Sebi chairperson Madhabi Puri Buch said that that there should not be a single carbo

Accuracy more important than speed in news: Anurag Thakur

Presenting authentic information is the prime responsibility of media and that facts should be properly checked before they are put in the public domain, union minister of information and broadcasting Anurag Thakur has said. “While speed with which the information is transmitted is imp

FM concludes pre-budget consultations

Union minister for finance and corporate affairs Nirmala Sitharaman has concluded the pre-budget consultation meetings for Budget 2023-24 that were held from November 21 to 28 in the virtual mode. More than 110 invitees representing seven stakeholder groups participated in eight meetings sch

Coal production rises by 18% to 448 MT

The total coal production in the country stands at 448 million tonnes (MT) for the month of October 2022 which is 18% higher than the production of the corresponding period of last year. The growth of coal production from Coal India Ltd (CIL) is also more than 17%. The ministry of coal said

How to execute large-scale social impact projects

The number of social innovators and entrepreneurs has considerably increased recently in India. The idea of social entrepreneurship, which aspires to provide novel solutions for the world`s most critical social issues, is now receiving more attention. Challenges like overworked healthcare,

Visionary Talk: Amitabh Gupta, Pune Police Commissioner with Kailashnath Adhikari, MD, Governance Now


Archives

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter