Rs 1k coins in offing
Coins of Rs 1,000 denomination will soon be legal tender, with the government getting Parliament’s nod to mint them, on Thursday.
Finance Minister Pranab Mukherjee did not indicate when these coins would be put into circulation but said the enabling provision would be inserted in the Coinage Bill 2009.
He said payment and receipt by way of coins by an individual will be limited to Rs 1,000 as suggested by the Reserve Bank of India, in the interest of convenience.
The coinage bill, passed by the Rajya Sabha, limits payment by an individual through coins to Rs 1,000. The Lok Sabha had passed the bill without discussion in March.
Sharing members’ nostalgia over withdrawal of 25 paise coin, Mukherjee said it was part of an economic evolution.
