India Government Mint, Noida

India Government Mint, Noida
Formation1 July 1988; 36 years ago (1988-07-01)
FounderIndian Finance ministry
Founded atNoida, Uttar Pradesh, India
TypePublic sector undertaking
Legal statusMint
PurposeTo mint coins for India and other countries.
HeadquartersJanpath, Delhi, India
Location
  • Sector-1, Noida, Uttar Pradesh
Coordinates28°35′30.4656″N 77°18′46.3752″E / 28.591796000°N 77.312882000°E / 28.591796000; 77.312882000[1]
Parent organization
SPMCIL
SubsidiariesNone
Websiteigmnoida.spmcil.com/Interface/Home.aspx

The India Government Mint, Noida, is one of the four mints in India; based in Noida, in the state of Uttar Pradesh, the mint started production on 1 July 1988 and is the only India Government Mint established since India became an independent country in 1947.[2] It produced the first stainless steel coins in India and aside from producing coins for its home country, it also produces coins for other countries.

History

In 1984, the Government of India decided to establish a new mint in the India city of Noida, Uttar Pradesh. With an estimated annual production capacity of 2,000 million coins, the new mint was established to cater to the increasing demand for coins in India. In January 1986 the project was started by the Department of Economic Affairs under the Ministry of Finance with a budget of ₹30 crore (equivalent to ₹408 crore or US$49 million in 2023). The mint was completed on time and began production on 1 July 1988. It produced the first stainless steel coins for India.[3]

Organisation

Since 13 January 2006, the India Government Mint at Noida has been a part of Security Printing & Minting Corporation of India Limited. It is headed by a board of directors.[4]

Mint mark

Coins minted at the India Government Mint, Noida carries its mint mark of a small or large dot (° or o).[5]

Noida Mint marks on rupee coins (The image at the top bears a mintmark of Mexico city, not Noida)

Production

Aside from producing coins for India, the mint has also produced coins for Thailand and Dominican Republic. From April 2012, the mint introduced night-shift production.[3][2] Before the November 2016 demonetization of INR500 and INR1000 banknotes, the mint produced nearly 40% of the total coins and had an annual target of producing coins worth ₹400 crore (US$48 million). This production was later increased due to shortage of liquid currency.[6]

References

  1. ^ "Coordinates". latlong.net. Archived from the original on 7 August 2017. Retrieved 9 January 2017.
  2. ^ a b "About us". Official website. Archived from the original on 5 October 2018. Retrieved 9 January 2017.
  3. ^ a b "History". Official website. Archived from the original on 5 October 2018. Retrieved 9 January 2017.
  4. ^ "Organization Structure". Official website. Archived from the original on 5 October 2018. Retrieved 9 January 2017.
  5. ^ "Mint mark". numista. Retrieved 9 January 2017.
  6. ^ Salaria, Shikha (19 November 2016). "Noida mint increases coin production by 20%". The Times of India. Noida. Retrieved 12 January 2017.