Business Standard / New Delhi Oct 02, 2009, 00:30 IST
Finance Minister Pranab Mukherjee released two ‘Bhabha Centenary Commemorative Coins’ at the international conference on ‘Peaceful Uses of Atomic Energy-2009’ in the capital’s Vigyan Bhawan. He handed over the first set of coins — one of Rs 10 and the other of Rs 100 — that were set in a black plaque to Prime Minister Manmohan Singh. Singh, who has been RBI Governor and understands everything there is to money, asked “Are these legal tender?”. No, Mukherjee replied, they cannot be used by the common man since they are only for commemorative purposes, “but if one keeps these coins for a hundred years and then sells it to coin collectors, one can make a fortune!”
I fully agree with Rishi's comment. All coins are legal tender. Maybe some are minted in small quantity hence not in circulation or some demonetorised, but all issued coins are legal tender.
I am really surprised to know that if a coin or any monetary unit released after a Government Gazette Notification and still not a legal tender. Is it possible ? Commemorative and regular are just to make difference the unit issuing purpose. When we can use a commemorative stamp for postage purpose then why we cant use a commemorative coin as a monetary unit ? Commemorative coins are in and for regular circulation. Reserve Bank of India currency museum website under press released section prooving it.
Posted by: Shekhar
October 03 , 2009, 23:03 IST
I think the Finance Minister thinks that these coin are released to commemorate an event and not issued to the general public or general circulation in the market as legal Tender
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