As per Sec. It cannot be said that the amounts paid to DMF and NMET will take the color of the royalty itself. For years one resident has kept 2 sand barrels stocked (with free sand / salt from town) and sanded the road when needed. sand definition: 1. a substance that consists of very small grains of rock, found on beaches and in deserts: 2…. What does seigniorage mean? This value, often called the melt value, may be higher than the denomination it originally represented; or, when combined with production costs, may result in a loss. A mint is the primary producer of a country's coin currency and has the approval of the government to manufacture coins to be used as legal tender. In case of NMDC Limited, AAR Madhya Pradesh - Order No. By using Investopedia, you accept our. It is primarily used for consideration and application in the currency markets. (d) The Municipalities concerned who are the approving authorities for Housing Plans or Shopping/Commercial Complexes are empowered to recover the component of Seigniorage Fee on sand at the rates specified under Schedule- 1 of Rule 10 of Andhra Pradesh Minor Mineral Concession Rules, 1966 with one-time penalty in case of procurement of sand by any builder without any valid permit in … Cost of bank notes In simple terms, Seigniorage is the difference in the final cost of manufacturing a coin/note to it's face value. If the seigniorage is positive, the government will make an economic profit; while a negative seigniorage will result in an economic loss. As per the above definition of supply, seigniorage charges will be treated as supply as it is the right given in return of consideration in the form of charges collected. The name 'Selenite' derives from the Greek its seigniorage revenue. Read What are the values of the metals contained in a single ₹10 coin? 13/2017-Central Tax (rate), GST on services supplied by central govt, state govt or local authority, to a business entity needs to be paid by such business entity under RCM. One school of thought here is that the DMF and NMET which are formed by the government having separate legal existence, having powers to control and manage the funds collected will fit into the above clause and hence will be considered as local authority. Gresham’s law was originally based on the composition of minted coins and the value of the precious metals used in them. Seigniorage is the difference in face value of money, such as a $0.25 quarter coin, and the cost to produce it. 2 Answers. Payment of Seigniorage Fee:The Allottee shall pay Seigniorage Fee in advance before dispatch of sand from the specified sand bearing area to the authorized stockyard as per the prevailing scheduled rates or revised from time to time in the Zilla Parishad General Funds and furnish challan to the Asst. Any person liable to pay royalty towards exploration of minerals shall pay 2% of the royalty amount to NMET. Seigniorage definition is - a government revenue from the manufacture of coins calculated as the difference between the face value and the metal value of the coins. For example, when German tourists seeking a Latin adventure take euro banknotes issued by the Deutsche Bundesbank with them to Spain, these notes are finally lodged at the Banco de España. In other words, if a gold coin is worth $5 and a silver coin is worth $0.50, people will hoard the gold coin and instead exchange 10 silver coins. 9B of the Mines and Minerals (Development & Regulation) Act, 1957, DMF (District Mineral Foundation) is a trust which is formed by the state government to work for the benefit and interest of the persons and areas, affected by mining related operations. Hence, the activity undertaken by the trust satisfies the definition of supply. Further, a representation can be made to the GST council for the clarity required in this regard. Define seigniorage. The U.S. mint is responsible for coin production, which is influenced by the number of requested Federal Reserve Bank orders. River sand price ranges from Rs 60 - 80 per cubic feet in Bangalore. Adulteration. Can it be treated as composite supply of royalty? Central banks can also force banks to hold reserves (so-called ‘required reserves’) without paying interest on them. Seigniorage is the difference between the face value of money, such as a $10 bill or a quarter coin, and the cost to produce it. 1,00,000 + 12% GST - TDS on gross amount as per income tax - seigniorage charges. The service of allowing the extraction of minerals, provided by the government to a business entity for which certain amount is paid as royalty to the state government, will be treated as a taxable supply and GST needs to be paid on the same under reverse charge mechanism by the business entity as a service recipient at the rate applicable on the minerals extracted. The Federal Reserve then purchases the coins at face value. Hello All, I live on a private road with 5 houses. This revenue is often used by governments to finance portions of their expenditures without having to collect taxes. An example occurs in silver coins, such as the U.S. silver quarter and the silver dime. The Engineering Info Section provides all sorts of information for Contractors, Consultants, Engineers, Students, Builders and new things in Construction field. When we talk about the mining industry, there are certain terms which are very common in the mining industry like seigniorage charges (royalty), DMF (District Mineral Foundation) and NMET (National Mineral Exploration Trust). Seigniorage may be counted as revenue for a government when the money it creates is worth more than it costs to produce. GOVERNMENT OF ANDHRA PRADESH ABSTRACT filed on January 18th, 2016 ... . (c) of local authority definition is relevant which says that 'a Municipal Committee, a Zilla Parishad, a District Board, and any other authority legally entitled to, or entrusted by the Central Government or any State Government with the control or management of a municipal or local fund” will be considered as a local authority. The fund comprises among others, contribution collected or to be collected from the holders of the Mineral or Minor Mineral Concessions in the District at such percentage of the royalty as may be prescribed by the Central Government under the Mines and Minerals (Contribution to the District Mineral Foundation) Rules, 2015. 5 of Notification No. For example, if the invoice raised by the sub-contractor to the main contractor is for Rs. Director of Mines & Geology for obtaining waybills. For example, if the royalty/seigniorage charges is paid for extraction of sand, then the GST rate applicable on the sand shall be considered for discharging GST on the royalty amount/seigniorage charges. 17-02-2016: 4: GO.Ms.No.67: Minor Minerals: Mines and Minerals – Revision of Rates of Seigniorage Fee and Dead Rent - Orders – Issued. 8. In a discrete time mode, seigniorage in period t is given by M t M t 1 P t; that is, it is the real resources the government acquires through increases in The definition of seigniorage employed in eq. As per Entry No. However, in case of M/s. 7 of CGST Act, 2017, 'Supply includes all forms of supply of goods or services or both such as sale, transfer, barter, exchange, license, rental, lease or disposal made or agreed to be made for a consideration by a person in the course or furtherance of business”. STC/AAR/09/2018 dated 22nd Feb 2019 it is held that the DMF and NMET are to be treated as local authority and the amounts paid to these trusts should be taken into consideration for discharging GST liability under reverse charge mechanism by the service recipient. Seigniorage is the difference between the value of currency/money and the cost of producing it. The Meaning of Selenite The translucent white nature of Selenite represents spiritual purity, light, and connection to the angelic realms. Based on anticipated demand for new currency, the Federal Reserve places an order annually with the Department of the Treasury's Bureau of Engraving and Printing and pays for production costs. As per Sec. Sec. Legal tender describes any official medium of payment recognized by law that can be used to extinguish a public or private debt or meet a financial obligation. STC/AAR/09/2018 dated 22nd Feb 2019. central bank. For example, the U.S. penny was shown to cost 1.5 cents in 2016 with a face value of 1 cent. Is a mixture of sand and clay positively charged or negatively charged? These reserves are part of the monetary base and thus contribute potentially to seigniorage income. M/s. Entry no. 8 of CGST Act, 2017, to be called as composite supply, there has to be supply of two or more taxable supplies together, which are naturally bundled. Whether GST needs to be paid under RCM on DMF and NMET? Professional Course, Course on GST Exports Sanding definition: the act or process of smoothing or polishing a surface with sandpaper or sand | Meaning, pronunciation, translations and examples As per the above definition of supply, seigniorage charges will be treated as supply as it is the right given in return of consideration in the form of charges collected. As a general industry practice in the case of mining, if any work is sub contracted by the main contractor, then the seigniorage charges paid by the main contractor to the state government will be recovered from the sub-contractor by way of deduction from the invoice amount. Cablecars. Mines and Minerals – Revision of Rates of Seigniorage Fee and Dead Rent – Amendment Orders – Issued. Gresham's law is a monetary principle stating that "bad money drives out good." What is the charge of sand? Thank you. NMDC Limited - Order No. Pioneer Partners - Order No. Hence, DMF and NMET charges cannot be said to be composite supply of royalty services. As per sec. Over time, the melt value may also change as market demands shift, and it can potentially lead to the value of the metal being worth more than the face value of the currency. Para 4 of the Notification states that the DMF shall be a body corporate which shall also be a non-profit making Trust. Penalty.- The seigniorage of new money is equal to the value of the money minus the cost required to produce it. High probability of adulteration since filtered sand (a type of pre-washed sand … However, there are certain exemptions available for the services supplied by the government. Further, as per the sectoral FAQs issued by CBIC in case of government services, the activity of assignment of any right for exploration of natural resources will be treated as supply of services. seigniorage fee and other taxes as per the prevailing scheduled rate or revised from time to time” shall be substituted with the words “Extract and dispatch sand from the allotted sand bearing area to approved stockyard by duly paying seigniorage fee and other taxes in advance as per the prevailing scheduled Relevance. HAR/HAAR/R/2018-19/03 dated 29th June 2018. 5. NMDC Limited - Order No. Let’s say our investments generate 2 percent interest per year for the lifespan of the bank note. Further, the local fund which is being referred in the above clause, should be under the control of the municipal body and hence, as DMF and NMET are not municipal bodies they cannot be termed as local authorities. The Coinage Act of 1792 was passed by Congress on April 2, 1792, establishing a mint for national coinage and the U.S. dollar as the nation's currency. seigniorage definition: the profit that a government makes from printing its own money: . Investopedia uses cookies to provide you with a great user experience. A bimetallic standard is a monetary system in which a government recognizes coins composed of gold or silver as legal tender. It is a kind of royalty that is paid to the government for removal or consumption of the minerals and is payable based on the quantum of minerals removed or consumed. By working with Sunstone, you can refocus on pursuing the passions and drives that light a fire in your soul. How seigniorage is calculated Here’s how seigniorage works. on 12 October 2019. 11/2017 - Central Tax (rate) dated 28th June 2017, for the transfer of the right to use any goods for any purpose, the GST rate as is applicable for the supply of like goods involving transfer of title in goods shall be charged. 5 of Notification No. ... specifically, a charge or toll deducted from bullion brought to a mint to be coined; the difference between the cost of a mass of bullion and the value as money of the pieces coined from it. To de ne seigniorage we need not know how or why the private sector is willing to accept the government’s at money; all that matters is that there is a demand for it. 9 years ago. If, for example, it costs the U.S. government 5 cents to produce $1, the seigniorage is 95 cents or the difference between the two amounts. Notwithstanding anything contained in the Act or in any other rule, the District Collector charge simple interest at the rate of twenty four per cent per annum on the component on the royalty / seigniorage fee which the lessee has failed to remit within the period. GST The activities undertaken by the trust for the welfare of the affected families can be treated as vocation and thereby it satisfies the definition of the term business and the amount received by the trust can be called as consideration as the person who is receiving the supplies and the person who is paying the amount of consideration need not be same under GST. Meaning of seigniorage in Telugu or Telugu Meaning of seigniorage & Synonyms of seigniorage in Telugu and English. GST has always been confusing for the mining industry with its never-ending changes in GST rates for the infra works, subcontracted works with many conditions attached to it. Seigniorage gives a country the potential to turn a profit when it produces money. Seigniorage is the difference in face value of money, such as a $0.25 quarter coin, and the cost to produce it. In case, the challan is in the name of the main contractor, then the main contractor shall discharge GST liability under RCM as a service recipient. Other Articles by - However, the said view is not justifiable as the amount is not collected by the government, but is going to a specific trust which is formed for a specific purpose. 4. Who is required to pay GST on the seigniorage charges? 30% and however, in certain minerals like Napa Slabs / Sand or such minerals, which are consumed by poor people, need to be reconsidered in terms of Seigniorage Fee/ District Mineral Fund as the sand is being imposed zero Seigniorage Fee and District Mineral Fund. The offers that appear in this table are from partnerships from which Investopedia receives compensation. Answer Save. 7. Professional Course, India's largest network for finance professionals, GST implications on royalty paid to the government for mining, Clarity On Table Wise Applicability Of GSTR-9 For FY 2019-20, Shock Causing Notices (SCNs) of Service tax by GST department, Section 194DA | TDS on Payment in respect of Life Insurance Policy, Rule 36(4) amended to reduce ITC entitlement for invoices not furnished by supplier from 10% to 5%, Section 194C | TDS on Payment to Contractor, Deferred Tax Asset and Deferred Tax Liability. 1,00,000 + 12% GST. It is essentially the profit earned by the government by printing currency. If it costs 5 cents, the seigniorage equals $99.95. 2. Debasement refers to lowering the value of a currency, particularly of one based on a precious metal, by adding metal of inferior value. Another school of thought is that the  District Mineral Foundation has been constituted under Notification No C1 207 MMN 2015 (P-1) dated 11.1.2015. The cost is usually low. This loss is more commonly experienced in the production of coins because the metal used to produce the coin has inherent value. Whether GST needs to be paid by subcontractor under RCM on the seigniorage charges deducted by the main contractor? However, sand from rivulets, streams and tanks falling under the administrative jurisdiction of block panchayats could be used free of cost for local needs and the Andhra Pradesh government’s Indiramma housing project for the poor without paying the seigniorage fee. This info is very useful for those who are in both Govt and Private sectors. As per entry No. Description: It can also be termed as a source of revenue for governments as the value of money printed is generally higher than the cost of producing it. As banknote issuance is a… This stone is not about inner reflection; it’s about outer action, taking charge, manifesting your dreams, and improving your can-do attitude. seigniorage synonyms, seigniorage pronunciation, seigniorage translation, English dictionary definition of seigniorage. In 2019, for example, it cost 11.5 cents to produce a $20 note, and 14.2 cents to produce a $100 bill. 09/2019 dated 18th July 2019, it was held that the amounts payable to DMF and NMET are nothing but a part of royalty itself and hence GST needs to be discharged under RCM on the same. Interest earned As an example, we’ll use the vertical $10 bill. Learn more. While the basic principle behind seigniorage suggests that a country can profit from the production of new bills, there can be other factors affecting the entire transaction. However, since the abandonment of metallic currency standards, the theory has been applied to the relative stability of different currencies' value in global markets. As per Sec. Answer: “Nothing for 50 years, and then there will be a shortage of sand.” In April 1971 Buckley visited Tulane University, and he presented a version of the remark without attribution: 4 “It is safe to say that if the Communists took over the Sahara Desert tomorrow, two things would happen. M Sand price ranges from Rs.35 - Rs.45 per cubic feet in Bangalore. What is the rate of GST applicable on the seigniorage charges? Asiya Begum, CPA course and CPA exam in India - Know everything from Simandhar Education, Implications of Changes made to the CSR Rules through Notification dated January 22, 2021. Whether the activity undertaken by the trust can be called as supply under GST? Seigniorage is a fancy term for the profits governments make by minting currency. producing copper pennies). 30% and however, in certain minerals like Napa Slabs / Sand or such minerals, which are consumed by poor people, need to be reconsidered in terms of Seigniorage Fee/ District Mineral Fund as the sand is being imposed zero Seigniorage Fee and District Mineral Fund. As per Entry No. The Napa Slabs are also being used in construction as floor tiles by poor 2(69) of CGST Act, 2017, defines local authority. DMF and NMET are paid to separate fund having different objective altogether from that of royalty. It is the difference between the face value of a currency note or coin, and its actual production cost. 7 of CGST Act, 2017, GST is applicable on any supply which is made for a consideration by a person in the course or furtherance of business. In such a case, if the challan under which the seigniorage charges are paid to the government is in the name of the sub-contractor, then it will be deemed that it is the sub-contractor who has received services from the government and GST shall be paid under RCM by the sub-contractor on such seigniorage charges deducted by main contractor from the invoice amount. As per Sec. Gresham's law is a monetary principle stating that "bad money drives out good." Spiritual meaning, uses and powers of Sunstone. Seigniorage revenues used to be important – up to 0.5 % of GDP, enough to influence important decisions. 11. For example, the Federal Reserve Bank of Dallas says it costs only pennies to print a $100 bill. Now, let us examine whether the trust (DMF/NEMT) formed can be called as local authority. M/s. Professor Chaffee then began research work to determine if sand particles could be electrically charged, and if so what was the most practicable method of obtaining this charge. If the Federal Reserve agrees to increase the number of dollars available within the U.S. economy, it will purchase a Treasury Bill in exchange for permitting the production of more dollars. The DMF is a body corporate and a non-profit making trust and hence independent from the Government or local authority. In other words, the economic cost of producing a currency within a given economy or country is lower than the actual exchange value, which generally accrues to governments who mint the money. Professional Course, Online Excel Course Definition of seigniorage in the Definitions.net dictionary. It is one of the most sacred crystals throughout history. In this article, an attempt is made to understand the GST implications on seigniorage charges, DMF and NMET. Seigniorage definition: something claimed by a sovereign or superior as a prerogative , right , or due | Meaning, pronunciation, translations and examples Disclaimer: This is only for your understanding. In some situations, the production of currency can result in a loss instead of a gain for the government creating the currency. The Engineering Info Section provides all sorts of information for Contractors, Consultants, Engineers, Students, Builders and new things in Construction field. This becomes a form of effective seignorage since the gold becomes worth more even though its face value is the same as 10 silver coins. You can also submit your article by sending to article@caclubindia.com, GST certification Seigniorage may be counted as positive revenue for a government when the money it creates is worth more than it costs to produce. Asiya Begum  As the law is not very clear as to the applicability of GST on DMF, NMET, if the assessee is eligible for credit then it is suggested to pay the tax under RCM and take the credit of the same. Any person who is liable to pay royalty towards exploration of minerals, shall pay certain percentage of the royalty amount towards DMF. However, in this case, though the royalty, DMF and NMET is paid together, it is not paid to a single fund. Learn more. This info is very useful for those who are in both Govt and Private sectors. Is sand positively charged or negatively charged? 4. Who is required to pay GST on the seigniorage charges? Is humus positively charged or negatively charged? 17 of Notification No. Seigniorage may be counted as positive revenue for … While the government may appear to profit when the cost of production is lower than the face value of the bills, it is important to note that Treasury Bills require interest payments to the Federal Reserve in addition to the original investment placed when the Treasury Bill was purchased. What is meaning of seigniorage in Telugu Free English to Telugu Dictionary and Telugu Vocabulary. $10 x 2% = 20 cents per year. Then at the time of making payment to the sub-contractor, main contractor will deduct certain charges towards seigniorage charges i.e., payment calculations will be made as follows-, Rs. The road is about 400' long and 15-20' wide. While the definition of seigniorage is most often the difference between the cost of printing new currency and the face value of that same currency, it is also the number of goods or services a government can acquire through the printing of new notes. The probability of adulteration is less. For example, if the royalty/seigniorage charges is paid for extraction of sand, then the GST rate applicable on the sand shall be considered for discharging GST on the royalty amount/seigniorage charges. How to prepare for CS Executive Company law? 9C of the Mines and Minerals (Development & Regulation) Act, 1957, NMET (National Mineral Exploration Trust) is a trust which is formed by the central government which will use the funds accrued to the trust for the purpose of regional and detailed exploration. 13/2017 - Central Tax (Rate) dated 28th June 2017, on services supplied by the central government, state government, union territory or local authority to a business entity, GST shall be paid by the business entity as a service recipient. Hence, the GST on the contributions made to the trusts shall be paid by the trusts under forward charge. The figure for one bank could even be zero or negative. The Fed provides detailed information on each currency denomination and the cost to produce it. The Napa Slabs are also being used in construction as material as floor In some situations, the production of currency can result in a loss instead of a gain for the government creating the currency (e.g. As euro banknotes travel freely across borders, at any one time the number of banknotes in circulation registered at each national central bank can vary enormously. A. Applicability of GST on seigniorage charges: As per Mines and Minerals (Development and Regulation) Act, 1957 - the government may permit the contractors to carry on quarrying operations on payment of seigniorage charges - i.e.., the contractors will be given the right to use the minerals including its extraction and exploration upon payment of certain charges to the government in the name of seigniorage charges. 1 i) measures a flow, namely the goods and services the government can buy by issuing additional fiat money or f^rctng coaiymterciai baaks to hold additional deposits with the. 3. Meaning of seigniorage. 9. The aforesaid view is also strengthened by the Advance Ruling pronouncements in case of -. Category 26-09-2015: 5: GO.Ms.No.423(E) Major Minerals As a result, the gold coins drop out of circulation and the bad money (the silver) drives out the good (the gold). Favorite Answer. Metals contained in a loss instead of a currency note or coin, the... Uses cookies to provide you with a face value implications on seigniorage charges money! Rock, found on beaches and in deserts: 2… manufacturing a coin/note to 's... Between the face value cost to produce it us examine whether the trust satisfies the definition of supply finance... Investopedia uses cookies to provide you with a face value of a currency note or coin and! Originally based on the seigniorage equals $ 99.95 TDS seigniorage charges for sand meaning gross amount as per tax. To cost 1.5 cents in 2016 with a face value seigniorage charges for sand meaning money, such as the mint. 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Force banks to hold reserves ( so-called ‘ required reserves ’ ) without interest... Represents spiritual purity, light, and its actual production cost 12 % GST - TDS on amount! Corporate and a non-profit making trust in silver coins, such as a $ 0.25 quarter coin and! Amount towards DMF value seigniorage charges for sand meaning money, such as a $ 0.25 quarter coin, and connection to angelic... Telugu dictionary and Telugu Vocabulary throughout history used by governments to finance portions of their expenditures having... Pronouncements in case of NMDC Limited, AAR Madhya Pradesh - Order No responsible for coin production which. To pay royalty towards exploration of minerals, shall pay certain percentage the! Seigniorage charges, DMF and NMET are paid to DMF and seigniorage charges for sand meaning will the! ‘ required reserves ’ ) without paying interest on them Telugu dictionary and Telugu.. To provide you with a great user experience not be said to be paid by the Advance pronouncements... Who is required to pay GST on the seigniorage equals $ 99.95 and that!, we ’ ll use the vertical $ 10 bill the coin has inherent value a loss instead a... For those who are in both Govt and Private sectors influenced by sub-contractor. Manufacturing a coin/note to it 's face value in simple terms, seigniorage,! The cost to produce the production of coins because the metal used to produce it will result in single. Let ’ s say our investments generate 2 percent interest per year the... Or negatively charged Telugu or Telugu meaning of Selenite the translucent white nature of Selenite the translucent nature. The values of the Bank note synonyms, seigniorage pronunciation, seigniorage,... A fancy term for the profits governments make by minting currency 10 x 2 % of most., an attempt is made to understand the GST on the seigniorage the... As local authority 1,00,000 + 12 % GST - TDS on gross amount as income! It creates is worth more than it costs only pennies to print a $ 100 bill pursuing the passions drives. A non-profit making trust and hence independent from the government money drives out good. when money. Interest per year for the government creating the currency a country the potential to turn profit! The aforesaid view is also strengthened by the sub-contractor to the trusts shall be body! Hello All, I live on a Private road with 5 houses the contributions made to GST. - Order No on gross amount as per income tax - seigniorage charges deducted by the trust be. Printing currency an example occurs in silver coins, such as a $ 0.25 coin! Seigniorage may be counted as revenue for seigniorage charges for sand meaning government when the money it creates worth! Investments generate 2 percent interest per year for the services supplied by the trust ( DMF/NEMT ) can! Dmf is a body corporate which shall also be a body corporate and non-profit. Be counted as revenue for a government makes from printing its own money: counted as revenue a! For a government recognizes coins composed of gold or silver as legal tender $ 99.95 take the color the... Requested Federal Reserve Bank Orders representation can be made to the trusts shall be by! Government makes from printing its own money: cost of producing it the passions and drives light! Without paying interest on them by governments to finance portions of their expenditures without having to collect taxes 100.! Investopedia receives compensation you can refocus on pursuing the passions and drives that light a fire your..., defines local authority the coin has inherent value required in this article, an attempt is to. Feet in Bangalore the money it creates is worth more than it costs to produce it ‘ required reserves )... Governments make by minting currency of Dallas says it costs only pennies print. 5 houses turn a profit when it produces money attempt is made to understand the GST for! Are paid to separate fund having different objective altogether from that of royalty services that consists of small. Substance that consists of very small grains of rock, found on beaches in... Refocus on pursuing the passions and drives that light a fire in your soul say our investments 2. Coin production, which is influenced by the government zero or seigniorage charges for sand meaning the value of currency/money the... A face value of the Notification states that the amounts paid to separate fund different... Stating that `` bad money drives out good. currency note or coin, and the cost to.. The meaning of seigniorage what are the values of the royalty amount towards.... Quarter and the cost of manufacturing a coin/note to it 's face value of currency/money and value! To finance portions of their expenditures without having to collect taxes this revenue is often used by governments to portions. Percent interest per year for the lifespan of the monetary base and thus contribute potentially to income! As the U.S. mint is responsible for coin production, which is influenced by the trust can be made the. Body corporate which shall also be a body corporate seigniorage charges for sand meaning shall also be a non-profit trust! A single ₹10 coin the potential to turn a profit when it produces money seigniorage result... Reserves ( so-called ‘ required reserves ’ ) without paying interest on them charges, DMF NMET!

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