Indian economy sees a Rs. 20 coin for the first time. Read why it was needed ?
March 12, 2019
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.
The new coin is specially designed for visually-impaired people.
New Rs 20 coin is in polygon shape of 12 edges also known as a dodecagon. With all coins currently circular, Rs 20 coin will become the first such coin to have this unique shape of 12-sided polygon.
The coin will hold a design of grains denoting the agricultural dominance of the country.
The face of the new Rs 20 coin shall bear the ‘Lion Capitol of Ashoka Pillar’ with ‘Satyameva Jayate’ inscribed below.
The left periphery will have the word ‘Bharat’ in Hindi and the right periphery will have the word ‘India’ in English.
The outer ring the new 20 rupee coin is made up of nickel silver and the central piece is made of nickel brass. The outside diameter of the new Rs 20 coin is 2.7 centimetres and the weight of the new Rs 20 coin is about 8.54 grams.
All the new series of coins including the new Rs 20 coin have been minted at state-run mints of India namely, Noida (U.P.), Mumbai (Maharashtra), Alipore (Kolkata), Saifabad and Cherlapally (Hyderabad) and the exact dates of the issuance of new series coins of Re 1, Rs 2, Rs 5, Rs 10 and Rs 20, for circulation is yet to be decided.
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.
Is the Rs. 20 coin different from the Rs. 10 coin?
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.
Why is a Rs. 20 Coin needed?
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
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