Coinage Bill

The Rajya Sabha Thursday passed the Coinage Bill, 2009, that seeks to consolidate at least four laws pertaining to coins and mints, apart from prescribing strict penalties for illegal melting and counterfeiting of these legal tenders.

The bill provides for imprisonment of up to seven years with fine for those who destroy or mutilate a legal coin, but also adds that the offence is bailable.

The bill permitted the government to mint coins of Rs 1,000 denomination .

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