India has been having its own fabulous journey – While some of it went down well with the janta, some got criticized heavily, and some of it lauded in and out! What’s new is our government releasing the Rs 20 coin, alongside revamping other already existing denominations. For the first time a coin of this denomination has been issued in the country.
Let’s take you through what’s different, and some great facts about the new denomination!
The launch of the coin took place at 7, Lok Kalyan Marg, with our prime minister unveiling the new coin. Several visually impaired children were also specially invited to the event. As per the Coinage Act, 1906, the Government of India has the sole right to mint coins and the responsibility for coinage vests with the Government. The designing and minting of coins in various denominations is therefore the responsibility of the Government. The Ministry will also be issuing new coins in the denominations of Re 1, Rs 2, Rs 5, and Rs 10. Let’s take you through some interesting facts about the Rs. 20 coin.
As per another set of reports, Govt. will soon release new dimensions and new designs for Re 1, Rs 2, Rs 5 and Rs 10 coins as well.
Well, most of our minds instinctively go to thinking the new coin will be similar rendition to the Rs. 10 coin. However, the apart from the diameter (27 mm),and the two-toned look, the Rs. 20 coin will not have serrations on its edge, it will just be a smooth polygon.
While the Rs 10 coin is the largest denomination of coin used in India right now, it has been in the news for quite some time! With vendors and shopkeepers refusing to accept the coins marking some as fraud versions, considering the 13 iterations the coin went through. Calling foul, and citing fraud, there was quite some ruckus in the market with people trying to get rid of these Rs. 10 coins fanatically. So much so that even the banks started refusing the Rs. 10 coins. Thankfully the government intervened and issued a notice that all 14 variations of the Rs 10 coin are valid, and no one can refuse to accept them as they were legal tenders.
There is a possibility that this confusion over the Rs 10 coin led to Govt. introducing the Rs 20 coin. There was also a report that emerged last year in January stating that the government will not mint new coins, in a bid to indirectly push people for digital-based transactions, prompting towards a cashless India. Let’s see where the new plan which states that a new series coins of Re 1, Rs 2, Rs 5, Rs 10 and Rs 20 will be issued takes us.
We would also love to hear Janta Ki Raai on the new Rs. 20 coins. Feel free to drop us a comment here or on any of our social media pages. If you want us to share insights on anything specific, you can comment below!