The central government has authorised the minting of a commemorative Rs. 75 coin to celebrate the inauguration of the new Parliament building. The announcement, made through a government notification on May 25, comes ahead of Prime Minister Narendra Modi's scheduled inauguration ceremony of the Parliament building on May 28.
The coin will have a diameter of 44 millimeters and will be composed of 50 per cent silver, 40 per cent copper, 5 per cent nickel, and 5 per cent zinc. Its standard weight will be 35 grams.
Featuring the iconic Lion Capital of Ashoka Pillar on the obverse side, the coin will have the inscription of 'Satyamev Jayate' in Devnagri script below it. On the reverse side, an image of the Parliament complex will be depicted, accompanied by the words 'Sansad Sankul' in Devnagri script along the upper periphery.
Are They Legal Tender?
Commemorative coins are not intended for general circulation, so they are not used for transactions. Further, in the case of Rs. 75 coin, the coin’s metallic value exceeds its legal value as half of the coin is made of silver.
Interested individuals can acquire the commemorative special coins from the website of the Securities of Printing and Minting Corporation of India Limited (SPMCIL). RBI says that, “The coins issued by Government of India under Section 6 of The Coinage Act, 2011, shall be legal tender in payment or on account provided that a coin has not been defaced and has not lost weight so as to be less than such weight as may be prescribed in its case.”
Commemorative coins are often released to commemorate significant events and showcase unique designs that reflect the occasion they represent. These coins hold great value for coin collectors, serving as treasured collectibles. Currently, SPMCIL only lists Rs. 1, Rs. 2, Rs. 5, Rs. 10, and Rs. 20 coins for general circulation.
Regarding the legal status of coins issued by the government, RBI says that coins with a denomination equal to or higher than one rupee are legal tender for amounts not exceeding one thousand rupees. A fifty-paisa coin holds the same status for amounts up to Rs 10. Although individuals cannot be compelled to accept coins beyond these limits, accepting larger amounts voluntarily is not prohibited.
RBI has acknowledged the circulation of Rs. 743 crore worth of coins among the public. However, the RBI has observed some reluctance among traders and the public in accepting several designs of Rs. 10 coins due to concerns about their authenticity. It then clarified that these coins hold legal tender status and can be used for transactions without hesitation.