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INDIA - ECONOMY -
CURRENCY - Indian Coinage |
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Date-wise Events |
- April 01, 1957: In
September, 1955 the Indian Coinage Act was amended for the
country to adopt a metric system for coinage. The amended
Indian Coinage Act came into force with effect from this
day. The rupee remained unchanged in value and nomenclature.
It, however, was now divided into 100 'paisa' instead of 16
annas or 64 pice.
- June 01, 1964: The term
'Naya' from the name of the new currency, i.e. "Naya Paisa"
was removed on this day.
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Description |
- The Government of India has the sole right to mint coins
in terms of the Coinage Act, 1906.
- The coins are issued for circulation only through the
Reserve Bank in terms of the RBI Act.
- Coins can be issued up to the denomination of Rs.1000 as
per the Coinage Act, 1906.
- As per Coinage Act 1 Re coins can be used to pay/settle
Any amount.
- As per Coinage Act 50 ps coins can be used to pay/settle
Amount not exceeding Rs. 10.
- One rupee note is considered a coin as per the Indian
Coinage Act, 2011.
- Rs. 10 bimetallic coins are made of aluminium-bronze
(outer ring) and copper-nickel (inner part).
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