Rs. 1,000/- denomination coins will be in the market shortly.
The Parliament on Thursday, 11th August 2011, passed the Coinage Bill 2009 allowing minting of Rs.1,000 coins which will be legal coins in future. The Lok Sabha passed the Bill in March and the Rajya Sabha adopted the same yesterday.
The decision is in continuation of another decision to withdraw the 25 paise coin which was taken some time back by the Government. Eventhough 50 paise coin is legal, its use also is coming down.
All those coins less than 50 paise withdrawn from the market were once very important for transacting small purchases etc. Now they have become part of the collection of the coin collectors.
Earlier there was a demand that the Rs.1,000 notes should be withdrawn as a means of catching black money. Now, Rs.1000 coins are also being minted. It will not be far away that Rs.10,000 notes will be printed.