Thursday, 11 August 2011
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India will now have coins of the denomination of Rs 1,000
India will now have coins of the denomination of Rs 1,000. The proposal got the Parliament’s nod, even as lawmakers lamanted the end of an era with the phase-out of 25 paise coin.
Finance Minister Pranab Mukherjee said the payment and receipt by way of coins was being limited to Rs 1,000 by an individual, as suggested by the Reserve Bank of India, for sake of convenience.
The Coinage Bill, 2009, passed by the Rajya Sabha, limits payment by an individual through coins up to Rs 1,000.
The Lok Sabha had passed the bill without discussion in March.
Mukherjee said at present it was only an enabling provision being inserted in the coinage law. He did not indicate when it could be introduced.
Replying to concerns on counterfeit notes, the Minister said it was a battle the government would fight continuously, especially when some countries were using it as a tool to destablise the Indian economy.
"I do not want to name the countries. Everybody is aware of what their objective is,” he said. Concerns have often been expressed over fake currency coming from Pakistan routed through Nepal.
News Courtesy :: Business-Standard Click for Full News