September 07, 2008

RBI to circulate new INR 1 ferritic SS coins shortly

The Reserve Bank of India has announced that it would shortly put into circulation new ferritic stainless steel coins of INR 1 with the theme 'Nritya Mudra'. The coins will be circular in shape and 25 millimeters in diameter and steel will have 17% chromium.

The release said that the face of the coin is divided into 3 portions with 2 horizontal lines. The centre portion will bear the lion capitol of Ashoka Pillar with the legend 'Satyameva Jayate' inscribed below. The top portion contains the word 'Bharat' in Hindi and 'India' in English while the bottom portion contains the year in international numerals. The reverse side of the coin contains visuals showing one of the 'Mudras' of India's most famous classical dance, the Bharat Natyam, in the centre right periphery and in the centre left periphery the denomination value '1' in international numerals. Below that, there will be the words 'Rupye' in Hindi and the word 'Rupee' in English.

RBI said that the existing INR 1 coins will continue to be legal tender.