Friday, 6 June 2014

Reserve Bank of India Launches Rs.1000 Coin Recently

Posted by Siva Kumar Ari
It is such amazing news isn’t it. People who are fond of collecting the currency coins must have rushed to the bank. Th habit of collecting coins is called Numismatics, which is study of currency coins. Most of us have not seen the thousand d rupees coin I guess on a honest note. But here is the chance to do. Reserve Bank of India has declared to reveal an new 1000 rupees coin in the market soon.



Reserve Bank of India:

The very strange reality is that the Reserve Bank of India (RBI) had issued Rs. 1000 coins in January, it is surprising for the common man that such coins do exist. In the commemoration to ‘1000’ years of Brihadeswara Temple in Thanjavur the Mumbai Mint issued 1000 rupees coin which is being sold at prices much higher than its denomination. People in various parts of India especially Jaipur are ready to pay any amount to get hold of this coin.


In the initial stages filling an Demand Draft of Rs. 5000 the commemorative coin set on the occasion of 1000 years of Brihadeshwara Temple in Thanjavur could be obtained. But, now the coins are available in the open market for Rs. 7000.

The coin weighs 35 gm, and it contains 80% of silver and 20% of copper other than from the normal 50% of silver and have a perimeter of 4.4 cm. The coin was issued by the Mumbai Mint. The Government of India introduced the most valuable coin ever India have seen in its history for a denomination of Rs. 1000. Till then coin for Rs. 150 was the most valuable one issued to commemorate the 150 years of Income Tax Department of India. Rs. 1000 coin was issued to commemorate 1000 years of a temple in Tamilnadu.

The Government of India 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. The designing and minting of coins in various denominations is also the responsibility of the Government of India. Coins are minted at the four India Government Mints at Mumbai, Alipore(Kolkata),  Saifabad(Hyderabad), Cherlapally (Hyderabad) and NOIDA (UP). The coins are issued for circulation only through the Reserve Bank in terms of the RBI Act.

Denominations:

Coins in India are presently being issued in denominations of 10 paise, 20 paise, 25 paise, 50 paise, one rupee, two rupees and five rupees. Coins upto 50 paise are called 'small coins' and coins of Rupee one and above are called 'Rupee Coins'. Coins can be issued up to the denomination of Rs.1000 as per the Coinage Act, 1906.


Distribution:

Coins are received from the Mints and issued into circulation through its Regional Issue offices/sub-offices of the Reserve Bank and a wide network of currency chests and coin depots maintained by banks and Government treasuries spread across the country. The RBI Issue Offices/sub-offices are located at Ahmedabad, Bangalore, Belapur (Navi Mumbai), Bhopal, Bhubaneshwar, Chandigarh, Chennai, Guwahati, Hyderabad, Jammu, Jaipur, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna and Thiruvananthapuram. These offices issue coins to the public directly through their counters and also send coin remittances to the currency chests and small coin depots. There are 4422 currency chest branches and 3784 small coin depots spread throughout the country. The currency chests and small coin depots distribute coins to the public, customers and other bank branches in their area of operation. The members of the public can approach the RBI offices or the above agencies for requirement of coins.

Measures to improve the supply of coins:



  • The various Mints in the country have been modernised and upgraded to enhance their production capacities. 
  • Government has in the recent past, imported coins to augment the indigenous production. 
  • Notes in denomination of Rs.5 have been reintroduced to supplement the supply of coins. 

New initiatives for distribution: 


  • Coin Dispensing Machines have been installed at select Regional Offices of the Reserve Bank on pilot basis. 
  • Dedicated Single-window counters have been opened in several of the Reserve Bank's offices for issuing coins of different denominations packed in pouches. 
  • Mobile counters are being organised by the Reserve Bank in commercial and other important areas of the town where soiled notes can be exchanged for coins

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