Rs 75 coin released on new Parliament inauguration day

Subject : Schemes

Concept :

To mark the inauguration of the new Parliament building, Prime Minister Narendra Modi released a commemorative coin of Rs 75 denomination.
India has been issuing commemorative coins for several reasons such as paying homage to notable personalities, spreading awareness about government schemes, or remembering key historic events.
The country released its first commemorative coin in 1964 in honour of Jawaharlal Nehru, who had passed away that year.

Minting of coins

The government has the power to design and mint coins in various denominations. It has been given this right under the Coinage Act, 2011.
The government decides on the quantity of coins to be minted on the basis of indents received from the RBI on a yearly basis.
The role of the RBI is limited to the distribution of coins that are supplied by the central government.
Coins are minted in four mints owned by the Government of India in Mumbai, Hyderabad, Kolkata and Noida.

Printing of currency

Two of India’s currency note printing presses are in Nasik and Dewas. These are owned by the Government of India.
Two other printing presses are in Mysore and Salboni. These are owned by the RBI through its wholly owned subsidiary, Bharatiya Reserve Bank Note Mudran Ltd (BRBNML).

Commemorative coin

A commemorative coin is a special coin issued to honor and celebrate a particular event, person, or significant milestone.
These Coins are distinct from regular circulation coins in that they are not intended for everyday transactions but rather serve as collectible items or gifts. These coins are primarily meant for numismatic purposes.

Minting :

The Government, through the Ministry of Finance, authorizes the issuance of commemorative coins to mark various occasions of national importance.
These coins are minted by the Security Printing and Minting Corporation of India Limited (SPMCIL), which operates mints across the country.
The RBI also issues special commemorative coins in limited quantities, primarily in precious metals, to honor eminent personalities, national achievements, or historical events.