In a first, the government will introduce Rs 100 coin to commemorate the occasion of birth centenary of carnatic singer Dr MS Subbulakshmi and former Tamil Nadu Chief Minister Dr MG Ramachandran. The 100 rupee currency will be the highest denomination in coin. The government will bring in new Rs 10 and Rs 5 coins.
The government announcement to issue new Rs 100 coins comes weeks after the government introduced Rs 200 denomination note for the first time.
The Ministry of Finance in a notification said: "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."
Dr MG Ramachandran was the founder of All India Anna Dravida Munnetra Kazhagam or AIADMK party. He was popularly known as MGR. A film actor and a three-time Chief Minister, MGR was awarded the Bharat Ratna posthumously in 1988. Dr Subbulakshmi is also from Tamil Nadu. Subbulakshmi the first musician ever to be awarded the India's highest civilian honour Bharat Ratna. She is the first Indian musician to receive the Ramon Magsaysay award, often considered Asia's Nobel Prize.
The new coin will be launched in two format first one bearing the mark of Dr Subbulakshmi and the second one bearing of Dr Ramachandran Birth Centenary. This face of Rs 100 coin shall bear the Lion Capitol of Ashoka Pillar in the centre with the legend Satyamev Jayate inscribed below, flanked on the left periphery with the word Bharat in Devnagari script and on the right periphery with the word India in English.
Earlier this year, it was reported that the government may also introduce Rs 1000 coin, however, the authority has not made any announcement on that. The Opposition parties had even asked the Finance Minister in the Rajya Sabha to clarify whether they had any plan to introduce Rs 1,000 coin.
Leader of Opposition Ghulam Nabi Azad said: "Every day we read about a coin of 1,000, 100 and 200. What is the actual status? Are we to go by what media is writing? The House is to be enlightened by the Finance Minister. What is the truth. Are we going to have coin of Rs 1,000. To carry coins, we have to purchase a bag? We must know."
Ever since demonetisation in November last year, the government has introduced several changes in existing currencies and issued two new denomination - Rs 200 and Rs 2000 notes. The new currency note of Rs 2000 value was issued immediately after the note ban and Rs 200 currency note was introduced earlier this year.