Rs. 10, Rs. 50 and Rs. 100 Coin

Rs. 10, Rs. 50 and Rs. 100 Coins

Trial runs have also begun for introduction of plated coins (with a low value metal as base and a plating of nickel to give it shine and endurance), a first for the Indian mint market. The Security Printing and Minting Corporation of India, the government company responsible for printing notes and stamping coins, is expected to invited global tenders for it soon. Introduction of the Rs 10 coin was also recommended by the Tarapore Committee, deliberating on currency management. The committee was, however, not in favour of parallel supply of notes and coins of the same denomination. It had suggested a complete phase-out Rs 5 notes. The suggestion is unlikely to be implemented due to shortage of coins of the denomination. The government conceived introduction of Rs 10 coin over two years back. However, the trial runs of the earlier coin did not succeed resulting in the delays in its introduction. Interestingly, RBI is empowered to issue coins of up to Rs 1,000 denomination and notes of up to Rs 10,000 or any other denomination specified by the government of India. Coins of 5 paise, 10 paise and 25 paise have disappeared from the market while use of 50 paise coins too have become minimal. Currently, Re 1, Rs 2 and Rs 5 coins are used as singles. Coins up to 50 paise are called small coins while one rupee and above are called rupee coins.

RBI Launches the New Rs.10 Coin

Reserve Bank of India has launched a new Rs. 10 coin. Seeing the inflation and that the smaller denomination coins are loosing their buying power this was a logical step. Also this takes some pressure of the battered Rs. 10 notes which the most used and abused of the lot. The face of the coin is divided into three portions with the centre portion bearing the ‘Lion Capitol’ of Ashoka Pillar with ‘Satyameva Jayate’. The new Rs.10 coin is a legal tender as provided in the Indian Coinage Act 1906, a RBI press release said.