New Rs 20 Coin in India

The Indian rupee (INR) coin was first produced in 1950. Since then, new coins have been created on a yearly basis, and they are an important part of the Indian monetary system. There are now circulating coins in the values of one rupee, two rupees, five rupees, ten rupees, and twenty rupees. All of them are made by four mints in India, which are located in Kolkata, Mumbai, Hyderabad, and Uttar Pradesh.

In the second millennium, the history of Indian currency emerged with Indo-Islamic dominance in India as well as the British Raj in the nineteenth century. Are you wondering who is responsible for the minting of the coins and notes? Let’s take a look at the next section to find out about it.

RBI- Reserve Bank of India

The Reserve Bank of India (RBI) is India's central bank and regulatory agency, reporting to the Government of India's Ministry of Finance. It is in charge of issuing and supplying the Indian rupee, as well as regulating the Indian banking sector. It also oversees the country's primary payment systems and strives to promote the country's economic development. The note issued by the Bharatiya Reserve Bank Mudran is one of the RBI's specialised departments that mints Indian banknotes and coins.

It also held complete authority over monetary policy in India until the Monetary Policy Committee was created in 2016, which consists of deputy governors; two delegates from the finance ministry (often the Economic Affairs Secretary and the Financial Services Secretary); ten government-nominated directors; and four directors who represent local boards in Mumbai, Kolkata, Chennai, and Delhi. Each of these local boards has five members who represent regional interests as well as co-operative and indigenous bank interests.

It is a bank that is a member of the Asian Clearing Union. The bank is actively involved in supporting financial inclusion policies, serving as a key member of the Alliance for Financial Inclusion (AFI). The bank is frequently referred to as 'Mint Street.' Let us take a look at the history of Indian rupees.

History

British Indian coins were used as a frozen currency after Indian independence till India became a republic in 1950. The Republic of India's first rupee coins were struck in 1950. The anna series or pre-decimal currency featured 1/2 rupee, 1/4 rupee, 2 anna, 1 anna, 1/2 anna, and 1 pice coins. One rupee was split into 16 annas, or 64 pices, with each anna equal to 4 pices under the anna series. India switched to the decimal system in 1957; however, both decimal and non-decimal coins remained in circulation for a brief time. Coins manufactured between 1957 and 1964 were stamped with the phrase “Naya Paisa” (“New Paisa”) to distinguish them from the two pice coins in circulation.

The denominations in use were one, two, three, five, ten, twenty, twenty-five, fifty (naya) paisas, and one rupee. Pre-decimal coins of one, half, and quarter rupees remained in circulation following decimalisation because rupees kept their pre-decimal worth.

In 1964, the term "naya" was eliminated, and a new denomination, the 3 paisa, was established. In 1968, a 20 paisa coin was produced.

Neither of these coins was particularly well-liked. In the 1970s, the 1, 2, and 3 paisa coins were gradually phased away. In 1982, a new two-rupee coin was released as an experiment to replace two-rupee notes. The 2 rupee coin was not produced again until 1990, when it was made every year after that.

In 1988, stainless steel coinage of 10, 25, and 50 paisa was issued. A new stainless steel rupee coin, smaller and lighter than the previous rupee, was produced in 1992, along with a 5 rupee Cupronickel coin. For the first time, the 10 rupee coin was struck in 2005. Higher denomination coins were introduced in response to the rising demand for change and the rising expense of producing two, five, and ten-rupee banknotes. All coins with values of 25 paisa or less were formally demonetised on June 30, 2011.

Commemorative coins are available in a variety of values. They depict various special events or people, such as Mahatma Gandhi, Jawaharlal Nehru, Indira Gandhi, B. R. Ambedkar, Rajiv Gandhi, Dnyaneshwar, the 1982 Asian Games, Sardar Vallabhbhai Patel, Subhas Chandra Bose, Sri Aurobindo, Chittaranjan Das, Chhatrapati Shivaji, the 2010 Commonwealth Games, Bhagat Singh, Rabindranath Tagore, Atal Bihari Vajpayee, Jallianwala Bagh massacre etc.

On 15 August 1947, India gained independence and was divided into the new British Dominions of India and Pakistan. The former imperial coinage featuring portraits of British kings was preserved by the new Dominion (or Union) of India. The Indian rupee was the fundamental unit of money, and it was split into annas (16 annas to a rupee) and pices (the old spelling of paisa - 64 pice to a rupee). The half-pice (128 to a rupee) and pie (192 to a rupee) were formally demonetized in 1947; while both denominations had continued to circulate up to that point, fresh specimens were not coined after 1942 since they were essentially worthless.

The Indian coinage system was as follows from 15 August 1947 to 26 January 1950:

India became an independent republic on January 26, 1950. This series was released on August 15, 1950, and it marked Republic India's first currency. The Lion Capital of the Ashoka Pillar took the place of the British King's image. The Tiger on the one rupee currency was replaced with a grain sheaf. In some respects, this represented a shift in emphasis toward development and wealth.

New Rs 20 Coin in India

The Indian rupee (INR) coin was first produced in 1950. Since then, new coins have been created on a yearly basis, and they are an important part of the Indian monetary system. There are now circulating coins in the values of one rupee, two rupees, five rupees, ten rupees, and twenty rupees. All of them are made by four mints in India, which are located in Kolkata, Mumbai, Hyderabad, and Uttar Pradesh.

This is used in conjunction with the 20 rupee notes. This coin, along with the new series of rupee coins, was issued in May 2019.

The new 20 rupees coin is a 12-sided polygon (dodecagon) with a diameter of 27mm (millimetres) and a weight of 8.54 grams. The outer ring is made up of 65% copper, 15% zinc, and 20% nickel, while the inner ring (the centre component) is made up of 75% copper, 20% zinc, and 5% nickel. Designed with the assistance of National Institute of Design, Ahmedabad students. The legend "Satyamev Jayate" is written below the Ashoka Pillar, which is bordered on the left perimeter by the word "Bharat" in Hindi and on the right periphery by the phrase "INDIA" in English.

The denominational value "20" will be displayed on the coin's face, and the rupee symbol will be shown above the denominational value. The pattern of grains is bordered on the coin's left perimeter to represent India's agricultural component. The words Rs 20 in Hindi and “TWENTY RUPEES” in English will be shown on the top and bottom right periphery. The year of minting will be engraved in international numbers in the centre of the coin's left perimeter.

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Facts

• Since the sixth century BC, India has had currency in the form of coins. Coinage was utilised as currency during the Ancient, Medieval, and Mughal periods. The most significant was Sher Shah Suri's Rupiya, which became the contemporary rupee's forerunner.

• The Victoria portrait series was the first set of notes issued by the Government of India. For security concerns, the notes in this series were divided in half; one half was mailed, and the second half was mailed after receipt confirmation. In 1867, they were superseded by the Underprint series.

• Notes of 1,000, 5,000, and 10,000 rupees were reissued in 1954 and demonetised in 1978.

India's coinage originated somewhere from the early first millennium BCE and the sixth century BCE and consisted mostly of copper and silver coins in its early stages. Karshapanas or Pana coins were used during this time period. 

However, unlike those circulating in West Asia, a variety of early Indian coins were stamped bars of metal, implying that the invention of stamped currency was added to a pre-existing type of token currency that was already extant in the Janapadas and Mahajanapada kingdoms of Early Historic India.

Gandhara, Kuntala, Kuru, Panchala, Magadha, Shakya, Surasena, and Surashtra were among the kingdoms who produced their own currency.