Believe it or not! The cost of making ₹1 coin is ₹1.11 (3D Animation) #Shorts
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About Believe it or not! The cost of making ₹1 coin is ₹1.11 (3D Animation) #Shorts
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#Shorts When the Indian government mints one rupee coin, it has to invest extra 11 paise per coin in that process. In an RTI response, the Reserve Bank of India revealed that the cost of minting a single one rupee coin is 1 rupee and eleven paise. But why is the production cost of 1 rupee coin more than it's market value? In order to produce a one rupee coin, 4.85 grams of 430-grade Ferritic Stainless Steel is used. According to the experts, this Ferritic Stainless Steel costs 70 paise for minting this 1 rupee coin with the diameter of 25mm. The remaining 41 paise are used for covering production and the distribution cost. Indian secret service agencies caught a number of gangs from West Bengal who were exporting the Ferritic Stainless steel used in the 1 rupee coin to Bangladesh after melting the coins. This Ferritic Stainless Steel is used at a large scale in Bangladesh for manufacturing shaving blades and also in the jewelry industry. The Government produced 903 million 1 rupee coin in 2016, but because of these riggings, only 630 million coins were minted in 2017. And this figure has been falling continuously since then. #Coinshorts #Rupeeshorts #3DAnimationshorts
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