The Reserve Bank of India, Chennai region, has started distributing the new Rs.2 coin issued to mark the ‘birth bi-centenary of Louis Braille.'
The ferritic stainless steel coin has the portrait of Louis Braille, who devised Braille language for the visually impaired. The special feature of the coin is that his name is also written in Braille.
Officials of RBI Chennai region said that this is one of the rare occasions when four commemorative coins were being distributed by the office in a fiscal. The RBI, they added, was celebrating its platinum jubilee year.
The Chennai regional office has received 1,425 bags of the new Rs.2 coins from the Government Mint, Hyderabad. Each bag contains 2,500 coins. The office has started distributing the coins to the bank branches.
The other three commemorative coins are on the First War of Independence; Jagathguru Narayana Gurudev; and for the birth centenary of former Chief Minister of Tamil Nadu C.N.Annadurai. All of them are Rs.5 coins. The demand for the coin with Anna's portrait was heavy and nearly Rs.7.5 crore worth pieces have been sold in the past one month. Though the commemorative coins on Sister Alphonsa of Rs.5 denomination are being issued in Thiruvananthapuram and Hyderabad, the Chennai regional office is yet to receive them. It would be similar to the Rs.5 coin on Anna except for the change in portrait, the officials said. RBI's General Manager (Issue Department), M.M.Majhi said a new Rs.10 coin to commemorate Dr.Homi Bhabha birth centenary would soon be available.
Coins in the denomination of Rs.10 would be minted in bi-metal to distinguish them from Re.1 and Rs.2 coins, which also are of the same size. “We issue more coins as their life spans over several years whereas currency notes may get soiled in six months,” Mr.Majhi said. However, coins in the denomination of 25 paise do not have many takers even though there is sufficient stock. Only 2.5 lakh worth 25 paise coins were sold till January this fiscal. Those in the value of 50 paise were of better demand and Rs.40 lakh worth pieces were issued, he said. On Rs.5 commemorative coins, he said minting of such pieces was temporarily suspended as they were melted for stainless steel by some traders. It is now being made using different metal combinations such as copper, nickel and zinc and iron and chromium.
On the non-availability of Rs.5 currency notes, he said RBI had stopped issuing them due to growing production cost. However, it is being printed this year to cater to the demand. Polymer currency notes Currency notes made of polymer material may soon be issued on a trial basis as they would have longer life than those made of paper in circulation, Mr.Majhi said.
