Probably not the news you were expecting to read about anytime soon but the Government is set to introduce another currency. This time, it’s going to be . Numismatics rejoice!…I guess?
What’s more, the issued notification added that RBI will also be(honoring the former Chief Minister of Tamil Nadu, Dr. M.G. Ramachandran) and (honoring the Bharat Ratna-winning singer, Dr. M.S. Subbulakshmi) coins to revere and celebrate the lives of these great personalities.
The ministry in exercise of the powers conferred by clauses (d) and (e) of sub-section (2) of section 24 of the Coinage Act, 2011 (11 of 2011), the Central Government, has decided to coined Rs 100 – which are presently distributed in notes form, and introduce Rs 10 and Rs 5 coins with new features at the Mint for issue under the authority of the Central Government to commemorate the occasion of Birth Centenary of Dr. M. S. Subbulakshmi and Dr. MG Ramachandran Birth Centenary.
The Rs. 100 coin will feature thein the center, with the phrase “Satyamev Jayate” inscribed right below. The reverse side will prominently feature a portrait of Dr. M S Subbulakshmi.
More details regarding the special design of the Rs 5. and Rs. 10 coin will be made available soon, possibly with some official visuals released by the authorities.
What Does This Mean?
Not much. The whole thing is a gracious homage to M.G. Ramachandran and M. S. Subbulakshmi but I don’t really see it having any practical or real impact. I suppose there are other ways to honor these distinguished citizens but clearly the government doesn’t share my sentiment. I would imagine with the demonetization chaos still lingering in parts of the nation, the government would have tried to distance itself from messing with any more currency issues but apparently that’s not the case.
Ehh I am not too sure about this. I wasn’t completely on board with how the whole demonetization thing panned out which definitely had some flaws to say least. I wasn’t the only one either as the former RBI governor Raghuram Rajan also had serious reservations about the plan.
I personally despise having to carry change. Most of my purchases are done via contact-less VISA cards or through online banking, be it e-transfers or PayPal. I absolutely loathe getting change.
Let’s be real, holding onto change is a pain in itself. I almost never have it when needed (I can’t exactly keep a lot of change in my wallet) and when I do, it’s never the one that I am looking for. This is most likely the case for all us dudes, ladies might have some change tucked away in the depths of their purses.
With the on-going Digital Revolution, newer mobile payment technologies have already made such a strong impression with the populace. WhatsApp is also looking to get into the mix. Throw in bitcoins and other digital currency and we’re golden.
I say ditch the physical wallet altogether for a digital one. To the skeptics claiming that cashless societies would spell disaster: Yeah the Illuminati might be running the world but let’s face it, there’s way too much going on for me to get wrapped up in conspiracy theories. I’ll give them a shot when I hit my midlife crisis. Plus, the government should probably be more focused on strengthening the growing sectors in India over everything else.