? Cool title, but what’s the news?
A good news for the readers! India Government Mints have recommenced minting coins on Friday. The state-run Security Printing and Minting Corporation of India Ltd (SPMCIL) invalidated it’s earlier decision to halt production after the workers in the mints wanted the involvement of the Finance Minister in the matter. However, the workers have resumed their work in one shift only. Normally, minting of coins is done in two shifts – day and night. Mostly, workers earn overtime benefit for the night shift.
? Okay, so what does it mean?
Earlier this week, India Government Mints had stopped minting coins because it did not have capacity to store them. The vaults were already full with demonetised Rs 500 and Rs 1000 notes. But as of now, the issue has been resolved. The workers have restarted their job, however, in one shift only. The SPMCIL direction did not go well with employees who would now lose overtime benefits. Bijan Dey, vice president of Calcutta Mint Employees Association, has also confirmed that the workers have resumed their work in one shift only. Although this might be a little disappointing on the workers’ end, it’s good to know that the minting if coins has finally begun again.
? I get it, now tell me why should I care?
The bigger picture :
The workers’ union launched a protest and sought intervention of the Union Finance Minister Arun Jaitley after the halt. Finally, the matter has been sorted out and the workers are back to work. Dey said that the workers association had met Arun Jaitley on the SPMCIL’s stoppage order and sought his intervention. According to him, the production of coins is expected to be ramped up soon as minting of coins is done in two shifts – day and night and there is demand for it.
Apparently, it may seem like an oversupply situation, but there is a substantial demand in the rural areas, he estimated. He also said Reserve Bank of India indented 771 crore pieces of coins for this fiscal. “The four mints have so far produced about 590 crore pieces and 253 crore coins are yet to be taken by RBI, which manages circulation of coins and bank notes.”
For you personally:
It is a good news, as stopping of minting coins would cause unemployment among the workers. After a three-day stoppage following an order of SPMCIL to halt operations, state-run mints have resumed minting of coins from Friday. However, from the statistics, it is quite clear that the termination did not affect the supplies. RBI had adequate supplies with coins of Rs 1, 2, 5 and 10 worth Rs 676 crore on November 24 last year. Apparently, we would have to wait for the time the Government allows work in both shifts. But as of now, India’s mints resume production of coins as that’s enough a reason to relax!
Source: Economic Times
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