Seven years jail for melting, destroying coinsMarch 25th, 2011 - 5:04 pm ICT by IANS
New Delhi, March 25 (IANS) The Lok Sabha Friday passed the bill making melting or destruction of currency coins punishable by a maximum jail term of seven years.
The Coinage Bill, first introduced in the house in December 2009, was given the nod without a discussion after Finance Minister Pranab Mukherjee moved it.
The laws amalgamated under this comprehensive legislation are the Indian Coinage Act of 1906, the Small Coins (Offences) Act of 1971; the Metal Token Act of 1889 and the Bronze Coin (Legal Tender) Act of 1918.
The parliamentary standing committee of the finance ministry sought a jail term of 10 years for those destroying coins. But the union cabinet settled for seven years imprisonment.
The bill broadened the definition of “coin” to include one rupee currency notes which are virtually out of circulation.
As coins made of silver, nickel, copper and bronze are no longer in circulation, the legislation proposed to bring under its cover the use of any other material besides metals or mixed metals, informed sources said.
According to the Reserve Bank of India, coins with denomination of 25 paise and below will cease to be legal tender from June 30. Now, coins of 50 paise, Re.1, Rs.2, Rs.5 and Rs.10 are in circulation.
- Ordinance on near-extinct Rs.1 note survives seven decades - Sep 12, 2010
- 25 paise, or 'chavanni', is dead (Lead) - Jun 29, 2011
- 'Chavanni' no more after June 30 - Jun 29, 2011
- No more 25 paise coins from June 30 - May 18, 2011
- Canada to drop penny from circulation - Jul 31, 2012
- RBI to issue new coins - Jul 22, 2011
- RBI to issue special coins on century of civil aviation - Dec 27, 2011
- RBI to issue new Rs.5 and Rs.2 coins with Games logo - Oct 11, 2010
- India decides to cast 'chavanni' to history - Dec 30, 2010
- RBI to probe illegal coins circulated in Mumbai markets - Jan 24, 2012
- Taking steps to curb fake notes: Pranab - Jan 07, 2012
- Rajya Sabha passes bill consolidating all laws on mints, coins - Aug 11, 2011
- Pakistan to demonetize Rs.5 note by Dec 31 - Oct 29, 2011
- Lawmakers recommend 10 years jail for melting coins - Sep 18, 2010
- Delhi Police bust coin melting gang - Jan 07, 2011
Tags: bank of india, bronze coin, coinage act, currency coins, currency notes, finance minister, finance ministry, jail term, legal tender, Lok Sabha, mixed metals, nickel copper, paise, parliamentary standing committee, pranab mukherjee, reserve bank of india, rs 2, silver nickel, tender act, union cabinet