To mark the opening of the new Parliament building, the national government has approved the minting of a commemorative Rs. 75 coin. Prior to Prime Minister Narendra Modi's planned opening of the Parliament building on May 28, the news was made via a government notice on May 25.
The coin will be 50 percent silver, 40 percent copper, 5 percent nickel, and 5 percent zinc, with a diameter of 44 millimetres. Its weight will be 35 grammes as a baseline.
The coin's reverse side will bear the recognisable Lion Capital of the Ashoka Pillar, and underneath it, the words “Satyamev Jayate” will be written in Devnagri script. The words “Sansad Sankul” in Devnagri script will be written around the top edge of a picture of the Parliament building on the opposite side.
They're legal tender, right?
Commemorative coins are not utilised in transactions since they are not meant for widespread usage. In addition, since half of the Rs. 75 coin is comprised of silver, the coin's metallic worth surpasses its legal value.
The Securities of Printing and Minting Corporation of India Limited (SPMCIL) website is where interested parties may purchase the commemorative special coins. According to the RBI, “The coins issued by the Government of India under Section 6 of The Coinage Act, 2011, shall be legal tender in payment or on account provided that a coin has not been defaced and has not lost weight so as to be less than such weight as may be prescribed in its case.”
Commemorative coins are often minted to mark important occasions and have distinctive designs that are appropriate for the occasion they honour. For coin collectors, these coins are very valuable and prized possessions. Only the Rs. 1, Rs. 2, Rs. 5, Rs. 10, and Rs. 20 coins are now listed by SPMCIL for public circulation.
According to RBI, coins having a denomination of one rupee or more are legal tender for sums up to one thousand rupees. This information relates to the legal standing of government-issued coinage. For sums up to Rs. 10, a fifty-paisa coin has the same standing as other coins. Beyond these quantities, people cannot be forced to receive coins, but it is not illegal for them to willingly accept bigger amounts.
The RBI has recognised that coins worth Rs. 743 crore have been distributed to the general population. However, owing to doubts about their validity, the RBI has seen considerable hesitation among merchants and the general public to accept a number of designs of Rs. 10 coins. The legal tender status of these coins was subsequently made clear, indicating that they may be used for transactions without any problems.