Context- The Prime MInister recently released the Rs 75 denomination commemorative coins on the New Parliament inauguration day.
- As per the Finance ministry the coin is circular in shape with a diameter of 44 mm and composed of quaternary alloy i.e- 50% silver, 40% copper,5% nickel and 5% zinc.
- The face of the coin bears the Lion capital of Ashoka Pillar in the center with the “Satyamev Jayate” inscribed below and the left periphery has “Bharat” in Devanagari Script and the Right periphery has “India” in English.
- The coin displays the image of the new parliament building on the other side with an inscription on “Sansad Sankul’ in Devnagri script on the upper periphery and “Parliament complex” in English in the lower periphery.
About Commemorative coins:
- India has been issuing Commemorative coins since the 1960s on several issues like paying homage to notable personalities, spreading awareness about government schemes or remembering key historic events.
- One can avail commemorative coins by visiting the website of Securities of Printing and Minting Corporation of India Limited (SPMCIL). These coins just act as collectibles and their worth may not necessarily be the same as their face value. They are made of precious metals like silver and gold .
- The commemorative coin of former prime minister Atal Bihari Vajpayee is available at the SPMCIL’s website for ₹5,717 .
- The Coinage Act ,2011 gives the central government the power to design and mint coins of various denominations and the RBI has the limited role in its distribution.
- The central government releases them according to choice but it can mint such coins on third party request as well.
- All coins are minted in the four mints owned by the government of India in Mumbai,Kolkata,Hyderabad and Noida.
- The first Commemorative coins released was in 1964 in honor of Jawaharlal Nehru.
- In 2017,the government issued commemorative coins to pay homage to Indian actor and politician Late MG Ramachadran and Carnatic singer MS Subbalakhsmi.