India could beat China in remittance game

The amount of money sent by NRIs is likely to be $58 billion in 2011, slightly ahead of China's estimated receipts of $57 billion, says the World Bank. With this, India would beat China in receiving the highest remittances globally for five years in a row, from 2007. Countries such as Mexico and the Philippines were among the other top recipients of remittances from their respective emigrants.

According to RBI data, money sent to India by NRIs increased 13.3 per cent (to $45.6 billion) for the first nine months of 2011, compared with the first nine months of 2010. Inflows expanded 7.9 per cent for a similar period in 2010 over 2009. Remittances in 2010 accounted for 3 per cent of India's GDP.

These remittances, also called personal transfers, do not include NRI deposits in banks here. The transfers are used for consumption by the NRIs' families or invested in options such as property. They contribute to the local economy. The rupee depreciation against major currencies may have driven remittance flows in recent times. When the rupee depreciates, every dollar or Saudi riyal yields more rupees back home.

Remittances from NRIs saw a sharp pick-up in the September quarter over the previous three-month period. As against the 3-4 per cent quarterly growth in remittances in 2010 and first half of 2011, remittances in the September quarter jumped 9.8 per cent over the previous quarter.

High inflation, too, could have triggered NRIs to send more to their families to meet the price rise on their food bill and higher interest on domestic loans.

Russia becomes WTO 153rd member

On 16 December 2011, Russia cleared the final hurdle to become a WTO member. WTO Ministers adopted Russia’s WTO terms of entry at the 8th Ministerial Conference in Geneva. Russia will have to ratify the deal within the next 220 days and would become a fully-fledged WTO member 30 days after it notifies the ratification to the WTO.

The Russian membership deal was agreed by the Working Party of countries negotiating with the applicant on 10 November 2011, and ended 18 years of negotiation. Russia still has to ratify the agreement and will become a member 30 days after it notifies the WTO. Under the agreement, it should ratify within 220 days (about 22 July 2012).
Ministers welcomed the agreement and the forthcoming membership of the last large economy to remain outside the WTO. Several also paid tribute to Switzerland for broking an important deal between Russia and Georgia during the final stages of the negotiations.

Georgia and Russia have signed an historic trade deal which allows Russia to join the World Trade Organization (WTO). The deal, which follows 18 years of negotiations, was brokered by Switzerland. Georgia has repeatedly blocked Russia's WTO entry since the two countries fought a short war in 2008. The deal hinges on international monitoring of trade along the mutual borders of Abkhazia and South Ossetia. The two provinces have broken away from Georgia and are recognised as independent states by Russia.

Russia has finally joined the World Trade Organization (WTO) at a ceremony in Switzerland on Friday, after 18 years negotiating its membership. The Swiss brokered a deal between Russia and Georgia earlier this year that removed the last obstacle to Russia's accession.
Georgia had tried to block Russia's WTO entry since the two countries fought a short war in 2008. Russia was by far the biggest economy yet to join the global trade body. It is also the last member of the Group of 20 major economies to join, after China gained membership in 2001. "This result of long and complex talks is good both for Russia and for our future partners," President Dmitry Medvedev said in a message to a WTO ministerial meeting in Geneva that formally approved Russia's membership.

The White House said US President Barack Obama called Mr Medvedev to congratulate him on Russia's admission.
The 153-member WTO provides a forum for international trade liberalisation agreements, which it polices - deciding when rules have been breached and when retaliatory trade sanctions can be imposed. The removal of trade barriers is likely to stimulate greater and more diversified trade between Russia and the rest of the world. Some estimates suggest Russian membership will help to boost its economy by tens of billions of dollars each year. Russia is Europe's third largest export market, while Russia's own exports have been dominated by oil and gas.
One reason the agreement was finally reached was because of a change of heart in the Russian leadership, according to Mr Tchakarov. "Since the 2008-09 [global financial] crisis there has been a certain recognition at the very high level in Russia that... Russia will have to open up a little bit to foreign investment, because this is the only way for Russia to become a more competitive economy," he said. Ahead of the signing ceremony, Russian officials were talking up the benefit of the deal, which will still need to be ratified by the Russian parliament in the next six months. "This will create the right conditions for the further improvement of our business climate, for an influx of foreign investment and for boosting Russian exports while also retaining the possibility of giving support to our key branches of domestic economy," said Russian foreign ministry spokesman Alexander Lukashevich. "We are achieving a completely new level of integration into the global economic system."
The deal with Georgia that opened the way for Russia to join hinged on the international monitoring of trade along the mutual borders of Abkhazia and South Ossetia. The two provinces have broken away from Georgia and are recognised as independent states by Russia.
However, the agreement may still face a hurdle in the US, where existing legislation left over from the Cold War era blocks favourable trading relations with Russia. But Mr Tchakarov at Renaissance Capital said he believed Congress would agree to eliminate the laws, as past disputes with Russia over agriculture and intellectual property rights have now been fully resolved.

Russia and WTO timeline

• 1993 : Russia applies to join the General Agreements on Tariffs and Trade (Gatt)
• 1995 : The Gatt is institutionalised as the World Trade Organization (WTO)
• 1998 : Russia suffers a major financial crisis
• 2000 : US President Bill Clinton backs Russia's WTO bid in a speech to the Russian parliament
• Vladimir Putin succeeds Boris Yeltsin as Russian president
• 2001 : China joins the WTO after 16 years of talks
• Russian membership talks intensify
• 2002 : The US and EU recognise Russia as a market economy, removing a major hurdle to WTO membership
• 2004 : EU gives formal backing to Russia's application
• 2006 : US formally backs Russian membership
• Georgia threatens to veto after Russia imposes a trade blockade on it
• 2008 : Brief Russian military invasion of Georgia
• President Putin questions the benefits of joining the WTO
• 2010 : EU reaffirms support for Russian membership
• 2011 : Russia reaches an agreement with Georgia in November, opening the way for its accession in December
• 2011 : Russia reaches an agreement with Georgia in November, opening the way for its accession in December

History of Indian Currency

Money as a means of payment consists of coins, paper money and withdrawable bank deposits. Today, credit cards and electronic cash form an important component of the payment system. For a common person though, money simply means currency and coins. This is so because in India, the payment system, especially for retail transactions still revolves around currency and coins. There is very little, however, that the common person knows about currency and coins he handles on a daily basis.
Here is an attempt to answer some of the Frequently Asked Questions on Indian Currency.
Some Basics
What is the Indian currency called?
The Indian currency is called the Indian Rupee (INR) and the coins are called paise. One Rupee consists of 100 paise.
What are the present denominations of bank notes in India?
At present, notes in India are issued in the denomination of Rs.5, Rs.10, Rs.20, Rs.50, Rs.100, Rs.500 and Rs.1000. These notes are called bank notes as they are issued by the Reserve Bank of India (Reserve Bank). The printing of notes in the denominations of Re.1 and Rs.2 has been discontinued as these denominations have been coinised. However, such notes issued earlier are still in circulation. The printing of notes in the denomination of Rs.5 had also been discontinued; however, it has been decided to reintroduce these notes so as to meet the gap between the demand and supply of coins in this denomination.
What are the present available denominations of coins in India?
Coins in India are available in denominations of 10 paise, 20 paise, 25 paise, 50 paise, one rupee, two rupees and five rupees. Coins up to 50 paise are called 'small coins' and coins of Rupee one and above are called 'Rupee Coins'.
Can bank notes and coins be issued only in these denominations?
Not necessarily. The Reserve Bank can also issue notes in the denominations of one thousand rupees, five thousand rupees and ten thousand rupees, or any other denomination that the Central Government may specify. There cannot, though, be notes in denominations higher than ten thousand rupees in terms of the current provisions of the Reserve Bank of India Act, 1934. Coins can be issued up to the denomination of Rs.1000.
Currency Management
What is the role of the Reserve Bank in currency management?
The Reserve Bank manages currency in India. The Government, on the advice of the Reserve Bank, decides on the various denominations. The Reserve Bank also co-ordinates with the Government in the designing of bank notes, including the security features. The Reserve Bank estimates the quantity of notes that are likely to be needed denomination-wise and places the indent with the various presses through the Government of India. The notes received from the presses are issued and a reserve stock maintained. Notes received from banks and currency chests are examined. Notes fit for circulation are reissued and the others (soiled and mutilated) are destroyed so as to maintain the quality of notes in circulation. The Reserve Bank derives its role in currency management on the basis of the Reserve Bank of India Act, 1934.
What is the role of Government of India?
The responsibility for coinage vests with Government of India on the basis of the Coinage Act, 1906 as amended from time to time. The designing and minting of coins in various denominations is also attended to by the Government of India.
Who decides on the volume and value of bank notes to be printed and on what basis?
The Reserve Bank decides upon the volume and value of bank notes to be printed. The quantum of bank notes that needs to be printed broadly depends on the annual increase in bank notes required for circulation purposes, replacement of soiled notes and reserve requirements.
Who decides on the quantity of coins to be minted?
The Government of India decides upon the quantity of coins to be minted.
How does the Reserve Bank estimate the demand for bank notes?
The Reserve Bank estimates the demand for bank notes on the basis of the growth rate of the economy, the replacement demand and reserve requirements by using statistical models.
How does the Reserve Bank reach the currency to people?
The Reserve Bank manages the currency operations through its offices located at Ahmedabad, Bangalore, Bhopal, Bhubaneshwar, Belapur(Navi Mumbai), Kolkata, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Kanpur, Lucknow, Mumbai (Fort), Nagpur, New Delhi, Patna and Thiruvananthapuram. These offices receive fresh notes from the note presses. Similarly, the Reserve Bank offices located at Kolkata, Hyderabad, Mumbai and New Delhi initially receive the coins from the mints. These offices then send them to the other offices of the Reserve Bank. The notes and rupee coins are stocked at the currency chests and small coins at the small coin depots. The bank branches receive the bank notes and coins from the currency chests and small coin depots for further distribution among the public.
What is a currency chest?
To facilitate the distribution of notes and rupee coins, the Reserve Bank has authorised selected branches of banks to establish currency chests. These are actually storehouses where bank notes and rupee coins are stocked on behalf of the Reserve Bank. At present, there are over 4422 currency chests. The currency chest branches are expected to distribute notes and rupee coins to other bank branches in their area of operation.
What is a small coin depot?
Some bank branches are also authorised to establish small coin depots to stock small coins. There are 3784 small coin depots spread throughout the country. The small coin depots also distribute small coins to other bank branches in their area of operation.
What happens when the notes and coins return from circulation?
Notes and coins returned from circulation are deposited at the offices of the Reserve Bank. The Reserve Bank then separates the notes that are fit for reissue and those which are not fit for reissue. The notes which are fit for reissue are sent back in circulation and those which are unfit for reissue are destroyed after processingshredded. The same is the case with coins. The coins withdrawn are sent to the Mints for melting.
From where can the general public obtain bank notes and coins?
Bank notes and coins can be obtained at any of the offices of the Reserve Bank and at all branches of banks maintaining currency chests and small coin depots.
Current Issues
Why are the coins and bank notes in short supply?
This is not entirely correct. It is true that till recently the demand for currency was more than their supply. The primary reason for this is that the Indian society is still predominantly cash-driven. However, at present there are no supply constraints so far as bank notes are concerned. As regards coins, Government of India are taking various steps, including importing rupee coins. The impression of coins being in short supply is also enhanced probably due to people’s preference for notes.
Is there a way to reduce dependence on cash?
Yes, once instruments such as, cheques, credit and debit cards, electronic funds transfer gain popularity, the demand for currency is expected to go down.
Meanwhile, are some steps being taken to increase the supply of bank notes and coins?
Yes, several steps have been taken to augment the supply of bank notes and coins. Some of these are:

• The existing note printing presses and the mints owned by the Government are being modernised.
• Two new currency printing presses with the state-of-the-art technology have been set up under the aegis of the Bharatiya Reserve Bank Note Mudran Ltd., a wholly owned subsidiary of the Reserve Bank.
• To bridge the demand-supply gap, the Government had, as a one-time measure, even imported bank notes.
• The production capacity of the four India Government Mints are being augmented.
• Government of India has also been importing rupee coins to supplement the supply of coins from the four mints. Till date 2 billion rupee coins have been imported.

Why are Re1, Rs.2 and Rs.5 notes not being printed?
Volume-wise, the share of such small denomination notes in the total notes in circulation was as high as 57 per cent but constituted only 7 per cent in terms of value. The average life of these notes was found to be around a year. The cost of printing and servicing these notes was, thus, not commensurate with their life. Printing of these notes was, therefore, discontinued. These denominations were, therefore, coinised. However, it has been decided that notes in the denomination of Rs.5 be re-introduced so as to meet the gap between the demand and supply of coins in this denomination.
Soiled and Mutilated Notes
What are soiled and mutilated notes?
Soiled notes are notes, which have become dirty and limp due to excessive use. Mutilated notes are notes, which are torn, disfigured, burnt, washed, eaten by white ants, etc. A double numbered note cut into two pieces but on which both the numbers are intact is now being treated as soiled note.
Can such notes be exchanged for value?
Yes. Soiled notes can be tendered at all bank branches for and exchange obtained.
How much value would one get in exchange of soiled or mutilated notes?
Full value is payable against soiled notes. Payment of exchange value of mutilated notes is governed by the Reserve Bank of India (Note Refund) Rules, 1975. These Rules have been framed under Section 28 of the Reserve Bank of India Act, 1934. The public can get value for these notes as laid down in the Rules, after adjudication. Currently, provisions exist for paying either full, half or no value as far as notes in the denomination for Rs.10 and above are concerned; as regards Re.1, Rs.2 & Rs.5, a tenderer can get either full or no value depending upon the condition of the note.
What types of notes are not eligible for payment under the Note Refund Rules?
The following notes are not payable under the Note Refund Rules.
A note which is

• less than half the area of the full note
• devoid of the major portion of the number, i.e., the prefix and three digits or four digits of the number in notes up to and inclusive of Rs.5; in respect of notes of Rs.10 and above, where this inadequacy is present at both the numbering panels.
• cancelled by any office of the Reserve Bank or against which the value has already been paid
• found to be forged
• deliberately cut, mutilated or tampered
• carrying extrinsic words or visible representation intended to convey or capable of conveying any message of a political character.

What if a note is found to be non-payable?
Non-payable notes are retained by the receiving banks and sent to the Reserve Bank where they are destroyed.
Where are soiled/mutilated notes accepted?
All banks are authorised to accept soiled notes across their counters and pay the exchange value. They are expected to offer this service even to non-customers. All public sector bank branches and currency chest branches of private sector banks are authorised to adjudicate and pay value in respect of mutilated notes, in terms of the Reserve Bank of India (Note Refund) Rules, 1975. The RBI has also authorised all commercial bank branches to treat certain notes in ‘two pieces’ as soiled notes and pay exchange value.
Features of Contemporary Bank Notes
What are the general features of bank notes currently in circulation?
Rs.10, Rs.20, Rs.50 and Rs.100 notes issued earlier and which are still in circulation contain the Ashoka Pillar watermark and Ashoka Pillar effigy. The Rs.500 notes issued earlier i.e. since 1987 bear the Ashoka Pillar watermark and the Mahatma Gandhi portrait. The Reserve Bank is now issuing bank notes in Mahatma Gandhi series. This means that the notes contain Mahatma Gandhi watermark as well as Mahatma Gandhi's portrait. The Rs.5 notes re-introduced in August 2001 also bear the Ashoka Pillar watermark and Ashoka Pillar effigy. All these notes issued by the Bank are legal tender.
Why was the change brought about?
The central banks the world over bring in some change in the design of their bank notes. This is primarily to make counterfeiting difficult. India also follows the same policy.
Are there any special features introduced in the notes of Mahatma Gandhi series?
The new Mahatma Gandhi series of notes contain several special features vis-à-vis the notes issued earlier. These are:
i) Security thread: Rs.10, Rs.20 and Rs.50 notes contain a readable but fully embedded security windowed security thread. Rs.100, Rs.500 and Rs.1000 notes contain a readable windowed security thread. This thread is partially exposed and partially embedded. When held against light, this thread can be seen as one continuous line. Other than on Rs.1000 notes, this thread contains the words 'Bharat' in the devnagri script and 'RBI' appearing alternately. The security thread of the Rs.1000 note contains the inscription 'Bharat' in the devnagri script, '1000' and 'RBI'. Notes issued earlier have a plain, non-readable fully embedded security thread.
ii) Latent Image: A vertical band behind on the right side of the Mahatma Gandhi’s portrait, which contains a latent image, showing the denominational value 20, 50, 100, 500 or 1000 as the case may be. The value can be seen only when the note is held on the palm and light allowed to fall on it at 45° ; otherwise this feature appears only as a vertical band.
iii) Microletterings: This feature appears between the vertical band and Mahatma Gandhi portrait. It contains the word ‘RBI’ in Rs.10. Notes of Rs.20 and above also contain the denominational value of the notes. This feature can be seen better under a magnifying glass.
iv) Identification mark: A special intaglio feature has been introduced on the left of the watermark window on all notes except Rs.10/- note. This feature is in different shapes for various denominations (Rs.20-Vertical Rectangle, Rs.50-Square, Rs.100-Triangle, Rs.500-Circle, Rs.1000-Diamond) and helps the visually impaired to identify the denomination.
v) Intaglio Printing: The portrait of Mahatma Gandhi, Reserve Bank seal, guarantee and promise clause, Ashoka Pillar Emblem on the left, RBI Governor's signature are printed in intaglio i.e. in raised prints in Rs.20, Rs.50, Rs.100, Rs.500 and Rs.1000 notes.
vi) Fluorescence: The number panels of the notes are printed in fluorescent ink. The notes also have optical fibres. Both can be seen when the notes are exposed to ultra-violet lamp.
vii) Optically Variable Ink: The numeral 500 & 1000 on the Rs.500 [revised colour scheme of mild yellow, mauve and brown] and Rs.1000 notes are printed in Optically Variable Ink viz., a colour-shifting ink. The colour of these numerals appear green when the notes are held flat but would change to blue when the notes are held at an angle.
Forgeries
How does one differentiate between a genuine note and a forged note?
The notes on which the above features are not available can be suspected as forged notes and examined minutely.
What are the legal provisions relating to printing and circulation of forged notes?
Printing and circulation of forged notes are offences under Sections 489A to 489E of the Indian Penal Code and are punishable in the courts of law by fine or imprisonment or both, depending on the offence.
Remember: An aware public is the best safeguard against forgeries
This is an electronic document. Kindly refer to the printed brochure for the definitive version.

Currency Issues by Republic India

Throughout history, the right to Coinage and Currency and issues of sovereignty have been curiously conjoined, emotionally if not rationally; these issues stimulate debate even today.
The transition of currency management from colonial to independent India was a reasonably smooth affair. Midnight, August 15, 1947 heralded Indian independence from colonial rule. The Republic, however, was established on 26th January, 1950. During the interregnum, the Reserve Bank continued to issue the extant notes.
Government of India brought out the new design Re 1 note in 1949.

Government of India - Rupee One
Symbols for independent India had to be chosen. At the outset it was felt that the King's portrait be replaced by a portrait of Mahatma Gandhi. Designs were prepared to that effect. In the final analysis, the consensus moved to the choice of the Lion Capital at Sarnath in lieu of the Gandhi Portrait. The new design of notes were largely along earlier lines.

Rupees Ten - King's Portrait

Rupees Ten - Ashoka Pillar
In 1953, Hindi was displayed prominently on the new notes. The debate regarding the Hindi plural of Rupaya was settled in favour of Rupiye. High denomination notes (Rs 1,000, Rs. 5,000, Rs. 10,000) were reintroduced in 1954.

Rupees One Thousand - Tanjore Temple

Rupees Five Thousand - Gateway of India

Rupees Ten Thousand - Lion Capital, Ashoka Pillar
The lean period of the early sixties led to considerations of economy and the sizes of notes were reduced in 1967. In 1969 a commemorative design series in honour of the birth centenary celebrations of Mahatma Gandhi was issued depicting a seated Gandhi with the Sevagram Ashram as the backdrop.

Rupees One Hundred - Commemorative Design
Cost benefit considerations prompted the Bank to introduce Rs. 20 denomination notes in 1972 and Rs. 50 in 1975.

Rupees Twenty

Rupees Fifty
High denomination notes were once again demonetised in 1978 for the same reasons as the 1946 demonetisation. The 1980s saw a completely new set of notes issued. The motifs on these notes marked a departure form the earlier motifs. The emphasis lay on symbols of Science & Technology (Aryabhatta on the Rs 2 note), Progress (the Oil Rig on Re 1 and Farm Mechanisation on Rs 5) and a change in orientation to Indian Art forms on the Rs 20 and the Rs 10 notes. (Konark Wheel, Peacock).
Management of Currency had to cope with the rising demands of a growing economy, together with a fall in purchasing power. The Rupee 500 note was introduced in October 1987 with the portrait of Mahatma Gandhi. The water mark continued to be the Lion Capital, Ashoka Pillar.

Rupees Five Hundred
Mahatma Gandhi Series
With the advancement of reprographic techniques, traditional security features were deemed inadequate. It was necessary to introduce new features and a new 'Mahatma Gandhi Series' was introduced in 1996. A changed watermark, windowed security thread, latent image and intaglio features for the visually handicapped are amongst the new features.

Rupees Ten : Size 137 x 63 mm

Rupees Fifty : Size 147 x 73 mm

Rupees One Hundred : Size 157 x 73 mm

Rupees Five Hundred : Size 167 x 73 mm

Rupees One Thousand : Size 177 x 73 mm

Banknotes in Mahatma Gandhi Series - Security Features The Reserve Bank has the sole authority to issue bank notes in India. Reserve Bank, like other central banks the world over, changes the design of banknotes from time to time. The Reserve Bank has introduced banknotes in the Mahatma Gandhi Series since 1996 and has so far issued notes in the denominations of Rs.5, Rs.10, Rs.20, Rs.50, Rs.100, Rs.500 and Rs.1000 in this series. These notes contain distinct easily recognizable security features to facilitate the detection of genuine notes vis-à-vis forgeries. Security Features:  Watermark  Security Thread  Latent Image  Microlettering  Intaglio  Identification Mark  Fluorescence  Optically Variable Ink  See through Register

	Security Features on Indian Banknotes

	Watermark : The Mahatma Gandhi Series of banknotes contain the Mahatma Gandhi watermark with a light and shade effect and multi-directional lines in the watermark window.

Security thread : Rs.1000 notes introduced in October 2000 contain a readable, windowed security thread alternately visible on the obverse with the inscriptions ‘Bharat’ (in Hindi), ‘1000’ and ‘RBI’, but totally embedded on the reverse. The Rs.500 and Rs.100 notes have a security thread with similar visible features and inscription ‘Bharat’ (in Hindi), and ‘RBI’. When held against the light, the security thread on Rs.1000, Rs.500 and Rs.100 can be seen as one continuous line. The Rs.5, Rs.10, Rs.20 and Rs.50 notes contain a readable, fully embedded windowed security thread with the inscription ‘Bharat’ (in Hindi), and ‘RBI’. The security thread appears to the left of the Mahatma's portrait. Notes issued prior to the introduction of the Mahatma Gandhi Series have a plain, non-readable fully embedded security thread. Latent Image : On the obverse side of Rs.1000, Rs.500, Rs.100, Rs.50 and Rs.20 notes, a vertical band on the right side of the Mahatma Gandhi’s portrait contains a latent image showing the respective denominational value in numeral. The latent image is visible only when the note is held horizontally at eye level. Microlettering : This feature appears between the vertical band and Mahatma Gandhi portrait. It contains the word ‘RBI’ in Rs.5 and Rs.10. The notes of Rs.20 and above also contain the denominational value of the notes in microletters. This feature can be seen better under a magnifying glass. Intaglio Printing : The portrait of Mahatma Gandhi, the Reserve Bank seal, guarantee and promise clause, Ashoka Pillar Emblem on the left, RBI Governor's signature are printed in intaglio i.e. in raised prints, which  can be felt by touch, in Rs.20, Rs.50, Rs.100, Rs.500 and Rs.1000 notes. Identification mark : A special feature in intaglio has been introduced on the left of the watermark window on all notes except Rs.10/- note. This feature is in different shapes for various denominations (Rs. 20-Vertical Rectangle, Rs.50-Square, Rs.100-Triangle, Rs.500-Circle, Rs.1000-Diamond) and helps the visually impaired to identify the denomination. Fluorescence : Number panels of the notes are printed in fluorescent ink. The notes also have optical fibres. Both can be seen when the notes are exposed to ultra-violet lamp as shown below. Coinage history of Republic India The Decimal Series The move towards decimalisation was afoot for over a century. However, it was in September, 1955 that the Indian Coinage Act was amended for the country to adopt a metric system for coinage. The Act came into force with effect from 1st April, 1957. The rupee remained unchanged in value and nomenclature. It, however, was now divided into 100 'Paisa' instead of 16 Annas or 64 Pice. For public recognition, the new decimal Paisa was termed 'Naya Paisa' till 1st June, 1964 when the term 'Naya' was dropped. Naya Paisa Series 1957-1964   Denomination Metal Weight Shape Size Coin Rupee One Nickel 10 gms Circular 28 mm Fifty Naye Paise Nickel 5 gms Circular 24 mm Twenty Five Naye Paise Nickel 2.5 gms Circular 19 mm Ten Naye Paise Cupro-Nickel 5 gms Eight Scalloped 23 mm (across scallops) Five Naye Paise Cupro-Nickel 4 gms Square 22 mm (across corners) Two Naye Paise Cupro-Nickel 3 gms Eight Scalloped 18 mm (across scallops) One Naya Paisa Bronze 1.5 gms Circular 16 mm With commodity prices rising in the sixties, small denomination coins which were made of bronze, nickel-brass, cupro-nickel, and Aluminium-Bronze were gradually minted in Aluminium. This change commenced with the introduction of the new hexagonal 3 paise coin. A twenty paise coin was introduced in 1968 but did not gain much popularity.  Aluminium Series 1964 onwards Denomination Metal Weight Shape Size Coin One Paisa Aluminium-Magnesium 0.75 gms Square 17 mm (Daigonal) Two Paise Aluminium-Magnesium 1 gm Scalloped 20 mm (across scallops) Three Paise Aluminium-Magnesium 1.25 gms Hexagonal 21 mm (Diagonal) Five Paise Aluminium-Magnesium 1.5 gms Square 22 mm (Diagonal) Ten Paise Aluminium-Magnesium 2.3 gms Scalloped 26 mm (across scallops) Twenty Paise Aluminium-Magnesium 2.2 gms Hexagonal 26 mm (diagonal) 24.5 mm (across flats) Over a period of time, cost benefit considerations led to the gradual discontinuance of 1, 2 and 3 paise coins in the seventies; Stainless steel coinage of 10, 25 and 50 paise, was introduced in 1988 and of one rupee in 1992. The very considerable costs of managing note issues of Re 1, Rs 2, and Rs 5 led to the gradual coinisation of these denominations in the 1990s. Contemporary Coins Denomination Metal Weight Diameter Shape Cupro-Nickel 9.00 gms 23 mm Circular Cupro-Nickel 6.00 gms 26 mm Eleven Sided Ferratic Stainless Steel 4.85 gms 25 mm Circular Ferratic Stainless Steel 3.79 gms 22 mm Circular Ferratic Stainless Steel 2.83 gms 19 mm Circular Ferratic Stainless Steel 2.00 gms 16 mm Circular Minting & Issue The Government of India has the sole right to mint coins. The responsibility for coinage vests with the Government of India in terms of the Coinage Act, 1906 as amended from time to time. The designing and minting of coins in various denominations is also the responsibility of the Government of India. Coins are minted at the four India Government Mints at Mumbai, Alipore(Kolkata), Saifabad(Hyderabad), Cherlapally (Hyderabad) and NOIDA (UP). The coins are issued for circulation only through the Reserve Bank in terms of the RBI Act. Denominations 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. Coins upto 50 paise are called 'small coins' and coins of Rupee one and above are called 'Rupee Coins'. Coins can be issued up to the denomination of Rs.1000 as per the Coinage Act, 1906. Distribution Coins are received from the Mints and issued into circulation through its Regional Issue offices/sub-offices of the Reserve Bank and a wide network of currency chests and coin depots maintained by banks and Government treasuries spread across the country. The RBI Issue Offices/sub-offices are located at Ahmedabad, Bangalore, Belapur (Navi Mumbai), Bhopal, Bhubaneshwar, Chandigarh, Chennai, Guwahati, Hyderabad, Jammu, Jaipur, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna and Thiruvananthapuram. These offices issue coins to the public directly through their counters and also send coin remittances to the currency chests and small coin depots. There are 4422 currency chest branches and 3784 small coin depots spread throughout the country. The currency chests and small coin depots distribute coins to the public, customers and other bank branches in their area of operation. The members of the public can approach the RBI offices or the above agencies for requirement of coins. Measures to improve the supply of coins The various Mints in the country have been modernised and upgraded to enhance their production capacities. Government has in the recent past, imported coins to augment the indigenous production. Notes in denomination of Rs.5 have been reintroduced to supplement the supply of coins. New initiatives for distribution Coin Dispensing Machines have been installed at select Regional Offices of the Reserve Bank on pilot basis. Dedicated Single-window counters have been opened in several of the Reserve Bank's offices for issuing coins of different denominations packed in pouches. Mobile counters are being organised by the Reserve Bank in commercial and other important areas of the town where soiled notes can be exchanged for coins.