New Delhi: Prime Minister Narendra Modi unveiled a commemorative Rs 75 coin during the inauguration ceremony at the new Parliament on Sunday. As per the Ministry of Finance, this coin was created to commemorate the opening of the new Parliament building on May 28. So, the coin will not be released for general circulation.
The release of this special coin holds symbolic significance as it marks an important milestone in India's parliamentary history. Further, the coin's design pays homage to the country's rich heritage and signifies the values of truth, unity, and the spirit of India.
After the release of the coin, FM Nirmala Sitharaman said, “The coin of Seventy-Five Rupees denomination shall be coined at the Mint for issue under the authority of the Central Government on the occasion of the inauguration of the New Parliament Building.”
The coin's design showcases the iconic Lion Capital of the Ashoka Pillar, with the words "Satyamev Jayate" inscribed below it. On the left side, the word "Bharat" is written in Devanagari script, while "India" appears on the right side in English. The coin also displays the rupee symbol along with the denomination value of 75.
On the reverse side of the coin, an image of the Parliament complex is featured. The upper periphery bears the inscription "Sansad Sankul" in Devanagari script, while "Parliament Complex" is written in English on the lower periphery.
Further, the tweet noted that the commemorative coin has a circular shape with a diameter of 44 millimetres and is adorned with 200 serrations along its edges. It weighs 35 grams and is composed of a four-part alloy comprising 50 percent silver, 40 percent copper, 5 percent nickel, and 5 percent zinc.
Unlike currency notes and coins that are circulated in general, the commemorative coins issued to honour special events are not released for general circulation. Even the Rs 75 coin was released to mark the opening of the new Parliament, so it would not be released for general circulation.
For purchasing such commemorative coins, citizens can visit the Securities of Printing and Minting Corporation of India Limited (SPMCIL) website. However, the Rs 75 coin has not been listed on the website yet. Also, it is important to understand that commemorative coins, being partially composed of precious metals such as silver or gold, are primarily intended for collection purposes and may not hold the same value as their face denomination.
Yogesh Singhal, head of the Bullion Jewellers Association said that the material cost alone for the commemorative coin is at least Rs 1,300. However, to determine the exact price at which this currency can be purchased, it is necessary to await further information from the government.
Under the Coinage Act of 2011, the federal government holds the power to create and mint coins of various denominations. The Reserve Bank of India (RBI) is responsible for the distribution of these coins issued by the central government. The manufacturing of these coins takes place in four India Government Mints located in Mumbai, Kolkata, Hyderabad, and Noida. Usually, the coins are produced in limited quantities and packaged in specialized marketing packaging.