BANKING AFFAIRS

Detailed explanation-1: -As per section 6 of the India Coinage Act, 1906, the GOI has the authority to mint coins and issue them to RBI for circulation. Coins can be issued up to the denomination of rs. 1000. Currently in India coins are issued in the denomination of 50 paise, one rupee, 5 rupees, and ten rupees.

Detailed explanation-2: -The coins issued by Government of India under Section 6 of The Coinage Act, 2011, shall be legal tender in payment or on account provided that a coin has not been defaced and has not lost weight so as to be less than such weight as may be prescribed in its case.

Detailed explanation-3: -a) “coin” means any coin which is made of any metal or any other material stamped by the Government or any other authority empowered by the Government in this behalf and which is a legal tender including commemorative coin and Government of India one rupee note. Explanation.

Detailed explanation-4: -Today, circulating coins exist in denominations of One Rupee, Two Rupees, Five Rupees, Ten Rupees and Twenty Rupees. All of these are produced by four mints located across India, in Kolkata, Mumbai, Hyderabad, Noida.