In a big announcement coming from the Finance Ministry of India, commemorative coins of Rs 100 will be introduced in the country for the first time ever in its history. The new coin will be launched to mark the birth anniversary of MG Ramachandran, founder of Tamil Nadu-based political party AIADMK.
The ministry further clarified that there will be limited production of these coins as they are being minted to honour the birthday of MGR and they will ‘not come under public use’.
The Ministry of Finance released a statement on Monday notifying that the new Rs 100 coin as well as coin of Rs 5 will be introduced soon by Reserve Bank of India.
The statement further read that the circular Rs 100 coin will be 44 mm in diameter with Lion Capitol of Ashoka Pillar (picture), Satyamev Jayte (text) and Bharat (text in Devnagri script) engraved on the face of it.
The backside of the coin will have the portrait of MG Ramachandran and it will weigh around 35 grams.
The highest denomination coin in circulation right now in the country is Rs 10 which weighs around 7.7 grams and has a diameter of 27 mm.
Since denotifying the notes of Rs 500 and Rs 1000, Narendra Modi-led BJP government has introduced a host of new currencies in succession. After launching new Rs 2000 and Rs 500 notes earlier this year, RBI recently pushed all new Rs 200 note along with new Rs 50 note into circulation.