New Rs 75 coin

May 30, 2023

Context:

A new commemorative coin with a denomination of Rs 75 was unveiled by Prime Minister Narendra Modi at the inauguration of the new Parliament building.

Features of the new Rs 75 commemorative coin:

Shape and size: Circular in shape with a diameter of 44mm.
Composition of the coin: Quaternary alloy — 50 percent silver, 40 percent copper, 5 percent nickel and 5 percent zinc.

Inscriptions made:
1. The face of the coin shall bear the Lion Capitol of Ashoka Pillar in the centre, with the legend Satyameva Jayate inscribed below, flanked on the left periphery with the word Bharat in Devnagri script and on the right periphery the word “INDIA” in English.
2. The other side of the coin displays an image of the new parliament building.
3. The inscription “Sansad Sankul” is written in Devanagari script on the upper periphery while the words “Parliament Complex” in English on the lower periphery of the coin.

Power to Design and Mint Coins:

Central government: The Coinage Act, 2011 gives the central government the power to design and mint coins in various denominations.
RBI: In the case of coins, the role of the RBI is limited to the distribution of coins that are supplied by the central government.
Section 25 of the RBI Act: It states that the design, form, and material of bank notes shall be such as may be approved by the central government after consideration of the recommendations made by the Central Board of RBI.

Coin Minting:

The central government regularly releases them according to its choice, but it also mints such coins at the request of third parties.
All coins are minted in the four mints owned by the Government of India in Mumbai, Hyderabad, Kolkata and Noida.

Commemorative Coins:

First commemorative coin of India: India released its first commemorative coin in 1964 in honour of Jawaharlal Nehru, who had passed away that year.
Use of commemorative coins:
- Since the coin is not introduced into general circulation, it can not be used to make financial transactions.
- The actual price of commemorative coins is much more than their face value. They cannot be treated as legal tender valued at their denomination.

News Source: Indian Express