Centre Decides To Mint Rs. 75 Coin For New Parliament Building Launch: Misuse Of Funds Or Symbolic Gesture?

The Indian Ministry of Finance stated on Thursday that a commemorative Rs 75 coin will be issued in honor of the official opening of the newly constructed parliament building.

PM Narendra Modi will unveil the commemorative coin on Sunday as an homage to the 75th anniversary of freedom.

On the front of the coin, the Lion Capital from the Ashoka Pillar is depicted, with the phrase “Satyamev Jayate” below it.

The expression “India” will be engraved in English on the right. Beneath the Lion Capital, the rupee sign will be printed and the denominational value of 75 globally recognized numbers will also be there.

The image of the parliamentary compound will appear on the opposite side of the coin. On the upper periphery, the phrase “Sansad Sankul” is going to be displayed in the Devanagari script.

“Parliament Complex” is going to be engraved in English on the lower periphery. The coin will feature 200 serrations around its edges and will be round with a length of 44 millimeters.

The 35-gram coin is expected to be a four-part alloy of fifty percent silver, five percent nickel, 40% copper, and 5% zinc. PM Modi will officially open the new parliamentary building on Sunday.

While up to 25 opposition parties are likely to attend the celebration, at least 20 have vowed to boycott it. The Congress, alongside AAP, Trinamool, Samajwadi Party, and Left have all stated their opposition to the inauguration.

They believe a new building has no significance when the “soul of democracy has been drained out.” Opposition parties have criticized Prime Minister Modi’s plan to open the newly constructed parliament building rather than President Droupadi Murmu’s.

“The inauguration of a new Parliament building is a momentous occasion,” the opposition parties announced in a joint statement.

“Despite our conviction that the administration is endangering democracy and our displeasure with the dictatorial way in which the newly formed parliament was constructed, we were willing to set aside our differences and commemorate this anniversary.”

“However, PM Modi’s choice to put up the newly established Parliament building without President Murmu is a grave affront to our democracy that deserves a corresponding response.”

The BJP-led NDA slammed the opposition’s decision to boycott the inauguration as a “blatant affront to the democratic spirit and constitutional values of our great nation.”

Meanwhile, on Thursday, a plea was filed in the Supreme Court. The petitioner, Advocate CR Jaya Sukin, sought “direction, observation, or recommendation” to the Lok Sabha Administration that the newly constructed Parliament building be opened by the President of India.

The petitioner added that the Lok Sabha Secretariat broke the law by failing to invite the President to the inauguration.

Earlier, a Lok Sabha announcement stated that the New Parliament Complex in the nation’s capital had been finished and symbolized the spirit of self-reliance in India.

“There was an absence of convenient accommodations for MPs to sit in both Houses, which negatively impacted the productivity of the members’ work,” the announcement stated.

The current Parliament building was built in 1927, making it about 100 years old.

The political squabble over the inauguration of the new parliament complex erupted, with the BJP charging that opposition parties opted to skip the event solely because it was erected at Prime Minister Modi’s request.

The preparations for the inauguration ceremony are well underway, with PM Narendra Modi and LS Speaker Om Birla set to dedicate the newly constructed Parliament building to the country on May 28.

Several Vedic ceremonies would be performed before the inauguration, officials said on Thursday. Legislators, the LS speaker, the RS chairman, and other notable visitors are anticipated to be seated in the new Lok Sabha chamber by 11:30 a.m.

The event is scheduled to begin at noon and end at 3 p.m. The newly constructed structure, which will serve to further develop India’s magnificent democratic norms and constitutional ideals, also comes with state-of-the-art amenities.

It will assist Members to fulfill their tasks more effectively, stated to the LS Secretariat. The current Parliamentary building is designed to accommodate 543 Lok Sabha members and 250 Rajya Sabha members.

Keeping future needs in mind, plans have been planned for a gathering of 888 Lok Sabha members and 384 Rajya Sabha members in the newly built Parliament building.

Given the foregoing, both the LS as well as the Rajya Sabha voted resolutions requesting the government to develop a new structure. As a result, PM Narendra Modi laid the foundation stone for the new Parliament complex on December 10, 2020.

It should be emphasized that a coin of commemoration is minted to commemorate a unique event, person, or landmark and has a distinct design. Several commemorative coins have been released in India in the past.

Because celebratory coins are not meant for general circulation, they cannot be used for transactions. Furthermore, because half of the Rs. 75 coins are made up of silver, the coin’s metallic worth exceeds its legal value.

Individuals interested in purchasing the commemorative special coins can do so through the SPMCIL website.

Commemorative coins are frequently issued to commemorate noteworthy events and include distinctive designs that represent the occasion. These coins are highly valued by coin collectors and are prized treasures.

SPMCIL now lists only Rs. 1, 2, 5, 10, and 20 coins for wide circulation.

Concerning the legally binding nature of government-issued coins, the RBI states that coins having denominations equal to or greater than one Indian rupee are accepted as money for values not higher than one thousand rupees.

For payments up to Rs 10, a fifty-paise coin has the same status. Although persons cannot be forced to receive coins over specified quantities, accepting bigger amounts willingly is not forbidden.

The Reserve Bank of India recognized the circulation of coins worth Rs. 743 crore among the general people. However, due to doubts regarding the legitimacy of various patterns of Rs. 10 coins, the RBI has seen some reluctance among dealers and the general public to accept them.

It went on to say that these coins are legal currency and can be utilized in transactions without concern. India issued its first commemorative currency in 1964.

It featured the country’s first prime leader, Jawaharlal Nehru. It was released to commemorate his birthday.

Following that, many commemorative coins were created throughout the next few years. All four Indian mints have produced commemorative coins: Mumbai, Kolkata, Hyderabad, as well as Noida.

Commemorative coins could be made for broad circulation or coin collectors only. Many denominations of commemorative pieces are available, ranging from 5 paise to 100 rupees.

Lower denomination pieces are frequently intended for broad circulation and are typically made of the same metal as normal coins. Higher denominations, on the other hand, are exclusively for collecting and frequently contain some silver.

Proofread & Published By Naveenika Chauhan