Question: Who issues the coin in India?

Coins are minted at the four India Government Mints at Mumbai, Alipore(Kolkata), Saifabad(Hyderabad), Cherlapally (Hyderabad) and NOIDA (UP). The coins are issued for circulation only through the Reserve Bank in terms of the RBI Act.

Who has authority to issue coins?

Notes: The Government of India has the sole right to mint coins. The Reserve Bank puts the coins into circulation on behalf of the Central Government.

Is 1 rupee small coin banned?

Whereas nothing like this. No coin is closed. If any person and shopkeeper refuse to take coins, it is an insult to Indian currency. This can lead to legal action against him.

How do I get 125 RS coin?

The Mint Offices of RBI in Mumbai and Kolkata issue such special coins and commemorative coins. These come under the Securities Printing and Currency Manufacturing Corporation of India Limited. To buy these coins the corporation’s website (https:// www. spmcil. com/Interface/Home.

Which was the oldest coin in India?

Answer: The first Indian coins – punch marked coins called Puranas, Karshapanas or Pana – were minted in the 6th century BC by the Mahajanapadas (republic kingdoms) of ancient India.

WHO issued the first coins?

Coins began to be used in business in India, Asia Minor, and China in the 6th century BC. But most historians agree that the ancient Greeks, living in Lydia and Ionia (on the western coast of modern Turkey), issued the world’s first coins in 650 BC. These coins were made of electrum, an alloy of gold and silver.

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How much does it cost to make a 1 rupee coin?

The average cost of manufacturing a single one rupee coin is ₹1.11, which is more than its own value, the Reserve Bank of India (RBI) revealed in response to an RTI query. To mint a ₹2 coin, the government spends ₹1.28, it added.

How do I sell my old coins?

Step 1: Visit the official website indiamart.com which facilitates buyers and sellers to trade directly. Step 3: Click a picture of your coin, and put it for sale on the website. Step 4: Talk to interested buyers who will contact you. If you have a rare coin, then you have the chance to earn a good amount of money.

What happens if someone refuses a 10 rupee coin?

It is perfectly legal, the RBI has also clarified. If anyone does not accept a Rs 10 coin, you reserve the right to file sedition charges against that person. … According to RBI rules, those who refuse to accept the Indian currency can be liable for action under section 124A (sedition) of IPC.