5 Rupees Coin RBI Update: What is this! 5 Rupee coin is discontinued….Why did RBI take such a big decision?

India News Haryana (India News), 5 Rupees Coin RBI Update: Recently, there has been a change in the circulation of 5 rupee coins in India, where new, thin and light coins have become more popular in place of old thick and heavy coins. There is an interesting and important reason behind this, which you may be surprised to know.

Production of old coins stopped

In the last few months, the old Rs 5 coins, which were thick and heavy, have gradually disappeared from the market. In its place, new types of thin and light coins are now in circulation. The Reserve Bank of India (RBI) and the government have stopped the production of old coins, and now only new coins are being made.

Illegal use of metal

The metal of the old 5 rupee coins was being misused illegally. In particular, these coins were sent to Bangladesh, where they were used to make blades. The metal of the old coins was so strong and of good quality that blades were made from them, which cost much more than the coins.

About 6 blades could be made from a single coin by melting it, and the price of these blades could be up to Rs 12. Thus, Rs 5 coins were being melted and sold for a higher price, making it a big issue.

Difference between metal value and surface value

There was a big difference between the metal value and surface value of these coins. The amount of metal in the coins was worth much more than Rs 5. Taking advantage of this, people were misusing these coins, and this situation was increasing rapidly.

RBI took action

Taking this issue seriously, the Reserve Bank of India decided to change the metal of the old coins. The new Rs 5 coins are now lighter, thinner and made of a different metal so that the chances of blades being made from them are reduced. Apart from this, the design and material of these coins have also been changed to prevent their misuse.

Exposing the illegal trade in Bangladesh

A case of illegal trade of these coins was also reported in Bangladesh, where they were being used to make blades. To solve this problem, RBI and the government took steps and stopped the production of old coins. Now with the production of new coins, this misuse will be controlled to a great extent.

PC:Indianewsharyana