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The RBI places an annual indent for this purpose and the Government of India draws up the production programme for the India Government Mints on the basis of the indent. Besides minting coins, the mints at Mumbai , Kolkata and Hyderabad also make coin blanks .
Apart from the four functional directors, three directors are Government nominee directors, and the end-user representatives consisting of Reserve Bank of India, Ministry of External Affairs, and Department of Post, each one of them, has one nominee as Director. Additionally, two independent directors are nominated by the Ministry of Finance.
It was later clarified by the Reserve Bank of India (RBI) that the alleged "fake coin" was the earlier 2008 design, which predated the adoption of the '₹' symbol in 2010, and was still in legal circulation, along with the 2011 design and those refusing to accept it could face legal action. [12] [13] [11]
The India Government Mint, Mumbai is one of the four mints in India and is in the city of Mumbai. The mint was established in 1824 by the then governor of the Bombay Presidency. [1] Its main activity is the production of commemorative and development-oriented coins. The mint is opposite the Reserve Bank of India in the Fort area of South Mumbai.
Reserve Bank of India Coinage Museum Archived 2015-04-01 at the Wayback Machine; Reserve Bank of India Paper Money Archived 2015-04-08 at the Wayback Machine; www.indian-coins.com; India Coin Catalog; A blog on Antiques & Collectibles Archived 2018-05-12 at the Wayback Machine; India Coin News & Forums Archived 2020-08-09 at the Wayback Machine
India Government Mint, Hyderabad was established in 1803 AD by Mir Akbar Ali Khan Sikander Jah, Asaf Jah III as a private mint and along with other private mints in the country. The mint produced Indian coins in the name of Emperor of India. Initially the mint was situated at Sultan Sahi in Moghalpura suburb of the Hyderabad city.
The preamble of the Reserve Bank of India describes the basic functions of the reserve bank as: [13]...to regulate the issue of Bank notes and keeping of reserves with a view to securing monetary stability in India and generally to operate the currency and credit system of the country to its advantage; to have a modern monetary policy framework to meet the challenge of an increasingly complex ...
In the late 1930s, foundation work for a new mint was completed at Taratala, close to Alipore and construction was to have completed by early 1942. However World War II brought all construction to a halt. It was completed in early 1950s. [7] The Alipore Mint was opened by Finance Minister of Government of India Shree C. D. Deshmukh on 19 March ...