Rajya Sabha passes bill consolidating all laws on mints, coins

August 11th, 2011 - 4:08 pm ICT by IANS  

New Delhi, Aug 11 (IANS) The Rajya Sabha Thursday passed the Coinage Bill, 2009, that seeks to consolidate at least four laws pertaining to coins and mints, apart from prescribing strict penalties for illegal melting and counterfeiting of these legal tenders.

The bill provides for imprisonment of up to seven years with fine for those who destroy or mutilate a legal coin, but also adds that the offence is bailable, a provision which members felt was lenient.

“Members have sought to point out there are difference in terms of penalties between this bill and the Indian Penal Code,” Mukherjee, who tabled the bill, said in his reply. “This has been done deliberately,” he added.

According to him, a distinction has been made in terms of penalties on those who indulge in counterfeiting and those who indulge in melting and misuse of coins. It was sought to make the penalties lesser on the former, the finance minister added.

The upper house later passed the bill by voice vote.

Related Stories

Tags: , , , , , , , , , , , , , , ,

Posted in Business |