The Finance Ministry has notified a new design of circulatory coins to celebrate 75 years of independence. Circulatory coins mean coins which are in circulation for transaction.
These coins are in denominations of ₹1, ₹2, ₹5, ₹10, and ₹20. There are also commemorative coins in various denominations which are not used for transaction.
What the coins will sport
The Ministry has come out with ‘the Coinage of One Rupee, Two Rupees, Five Rupees, Ten Rupees and Twenty Rupees Rules, 2021.’ There is no change on the obverse of the coins.
However, the reverse side of the coins would change. The face of the coin shall bear image of official logo of ‘Azadi Ka Amrit Mahtosav’ at the centre.” The Rupee symbol ‘₹’ along with denominational value in the international numeral below the logo. A text “75th year of independence” in English is written on the top periphery of the coin.
The previous design notified in 2019 had the face of the coin bearing the denominational value in the international numerals. The rupee symbol ‘₹’ was shown above the denominational value. The design of grains was flanked on the left periphery of the coin. The top right and the bottom right peripherals bore the word related with the value of the coin in Hindi and English.
This would continue with the year of minting in international numerals to be shown on the centre of the left periphery of the coin. There is no other change in coins in terms of weight or metal composition. Also, all designs of the coins would continue to be legal tender.
Coins in circulation
According to the annual report of the RBI, the total value of the coins in circulation increased by 2.1 per cent in 2020-21, while the total volume increased by 1 per cent. As on March 31, 2021, coins of denominations ₹1, ₹2 and ₹5 together constituted 83.8 per cent of the total volume of coins in circulation, while in value terms, these denominations accounted for 77.6 per cent. During 2020-21, the indent and supply of these coins were lower by 11.8 per cent and 4.7 per cent, respectively, from their levels in the previous year
The Government has the sole right to mint coins. The responsibility for coinage vests with the Government of India in terms of the Coinage Act, 1906 as amended from time to time. Coins are minted at the four India Government Mints at Mumbai, Hyderabad, Kolkata and Noida.
The functions relating to the issuance of currency (both banknotes and coins) and their management are performed by the RBI through its issue offices, currency chests and small coin depots spread across the country.