It also hinted that the £50 note could be axed as it is "rarely used for routine purchases and is instead held as a store of value".
Chancellor Philip Hammond announced a review into the use of cash in today's Spring Statement.
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However, the RBI has allowed banks to issue letters of credit and bank guarantee for trade credits for imports into India subject to complia-nce with the provisions.
It also says that while there is "significant" overseas demand for £50 notes, there is a perception they are used for money laundering, tax evasion and other criminal actives. As the Guardian revealed a year ago, George Osborne came close to abolishing the 1p and 2p coins when he was chancellor, but the idea was blocked by the then prime minister, David Cameron, who thought the public might disapprove.
But it says the cost of industry processing and distributing low denomination coins to make up for those taken out of circulation is the same as for high denomination coins, making the cost high, relative to face value and utility. When it costs more to produce and distribute a coin than the coin itself is worth, governments tend to decide it's a spent force - and we're rapidly heading in that direction for coppers.
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'From an economic perspective, having large numbers of denominations that are not in demand, saved by the public, or in long term storage at cash processors rather than used in circulation does not contribute to an efficient or cost effective cash cycle, ' the document states.
"Cash was used for 7.2bn transactions of under £1 in 2006", Coles said. By 2016, it had fallen to 4 billion and, by 2026, it is expected to fall to 1.3 billion.
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However, with research suggesting that there are 2.7 million people across the United Kingdom who are entirely reliant on cash, the government is keen to stress that it will support the payment method through ATM access. "If not, how should it change?"