While there are different entities involved in the process of making coins in India, the key players are:
Designing and Minting:
- The Government of India: Ultimately holds the sole right to mint coins as per the Coinage Act, 1906. The designing and production of coins fall under the responsibility of the Government of India.
- Security Printing and Minting Corporation of India Ltd. (SPMCIL): This government-owned company operates four mints located in Mumbai, Hyderabad, Kolkata, and Noida. These mints handle the actual physical production of coins using designs provided by the government.
Distribution and Circulation:
- Reserve Bank of India (RBI): While they don’t mint the coins themselves, the RBI plays a crucial role in their distribution and circulation. They receive the minted coins from SPMCIL and release them into the economy through banks and other financial institutions.
So, to summarize:
- Government of India: Designs and has the sole right to mint coins.
- SPMCIL: Mints the coins based on government designs.
- RBI: Distributes and circulates the minted coins.