Thursday, February 29, 2024

Cost-effective coins with rupee symbol soon

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New Delhi: The government on Friday released new series coins of Rs 1, 2, 5 and 10, bearing the rupee symbol, which will be in circulation soon. A new series coin of 50 paise was also released.

“New coins will not only reduce the cost of moving materials but also are of user friendly size and weight,” Finance Minister Pranab Mukherjee said after releasing the new series.

In a statement, the Finance Ministry said the security edging of new series of coins would be good for better recognition by visually challenged persons and will have improved counterfeit resistance.

”Interestingly, the 50-paisa denomination coin has been out of business/circulation in Meghalaya for several years now.”

The minting of the new series of coins of all denominations is in full swing at the various mints of Security Printing and Minting Corporation of India Limited (SPMCIL), it added.

“The new coins will be lifted by the RBI for circulation to public very soon,” the ministry said.

Earlier, the government had constituted a high level committee to suggest rationalisation of denomination of coins and currency notes to be minted and printed in the future.

The committee submitted its report in October 2009, which was considered by the government at appropriate level.

Last month, the 25 paise coins were withdrawn from circulation. (PTI)

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