New nickel: Rs 10 coins set to roll

NEW DELHI: "New era" coins including a Rs 10 coin, designed by the National Institute of Design (NID), are set to enter the market soon. According to a senior finance ministry official, the new coins are more user-friendly and aesthetic but no date has been finalised for their introduction. The new coins would be made of ferratic stainless steel and nickel-bronze as a security measure against counterfeit coins. Currently, coins in India are issued in denominations of 10, 20, 25 and 50 paisa (small coins) and Rs 1, Rs 2 and Rs 5 (rupee coins). But coins can be issued up to the denomination of Rs 1,000 as per the Coinage Act, 1906. The NID design team, after studying various automated vending machines and other coin-operated machines, has reportedly ensured the compatibility of the new coins with these machines. It would be disabled-friendly also. The printing of notes in the denomination of Re 1 and Rs 2 has been discontinued as these denominations have been coinised. However, such notes issued earlier are still in circulation. Though the printing of notes in denomination of Rs 5 had also been discontinued, it has been decided to reintroduce these notes in order to meet the demand for Rs 5 coins. Coins are minted at five government mints -- Mumbai, Alipara, Saifabad, Chelapally and Noida. There are about 3,784 coin depots spread through the country. According to a senior RBI official, "There will be alterations in currency also, but the changes envisioned this time are much more simple. The notes would retain their crisp feel and crackling sound." The official adds, "The most important aspect is that the year of printing will be featured on all notes. Till now, it was embossed on coins only. The year will now be incorporated on the reverse of the note while printing." The new currency notes are likely to be thicker, heavier and will have dual-coloured optical fibre. The Ashoka Pillar emblem will be more prominent and there will will be more security-related features. The new notes will be introduced in a phased manner and accordingly all banks have already been asked to make the necessary preparations to handle the changes.
Note : Subject taken from http://timesofindia.indiatimes.com/articleshow/1139697.cms