New series of coins with latest rupee launched
The Finance Minister Pranab Mukherjee launched the new series of coins of 50 paise, Rs 1, 2, 5 and Rs 10 on Friday with the new rupee symbol. The Reserve Bank of India will circulate the new coins soon.
THE FINANCE Minister Pranab Mukherjee on Friday released a new series of coins of 50 paise, Rs 1, 2, 5 and 10 with improved design and revised size with the new rupee symbol embedded in them. The finance ministry said in its statement that the design of the new set of coins has been adopted keeping in mind the difficulties faced by visually challenged people.
The government had approved a symbol for the rupee last year that was designed by D. Udaya Kumar of IIT Guwahati, which elegantly combines Devanagiri and Roman scripts.
Security Printing and Minting Corporation of India Ltd (SPMCIL) is minting the new series of coins of 50 paise, Rs 1, 2, 5 and 10. The Reserve Bank of India (RBI) will soon introduce the new set of coins of all denominations for circulation in public. As on date, the SPMCIL everyday mints approximately 100 million coins of all denominations.
Earlier the government had taken decision to stop the circulation the coins of the denomination of 25 paise and below by June 30, this year.
The government had constituted a high level committee in past to suggest rationalisation of denomination of coins and currency notes to be minted or printed in the future. The government has considered the report, submitted by the committee in October 2009 at appropriate level.
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