Defence Secretary Giridhar Aramane released a commemorative Rs 250 coin on the occasion of the 250th anniversary of the foundation of Mazagon Dock Limited (MDL).The defence secretary was the chief guest of the function, which was organised by the MDL in New Delhi on 14 May 2024 to mark the 250th anniversary of the MDL.
MDL
- The Mazagon Dock Limited started its journey as a dry dock in 1774, constructed in Mazagon, Mumbai. In 1934, the company was incorporated as a private limited company. It was nationalised and taken over by the government of India in 1960.
- It is a premier naval shipyard under the Union Ministry of Defence.
- It was accorded Mini-Ratna 1 status by the government of India in 2006.
- The MDL has become the premier yard for building warships, submarines for the Indian Navy, and other vessels for the Coast Guard.
- It has also built the Sagar Samrat offshore oil platform in Bombay High (Arabian Sea) for the ONGC to drill out petroleum oil.
- MDL is the only shipbuilding yard in India that builds submarines for the Indian Navy. Since 1960, MDL has built 801 vessels, including 27 warships and 7 submarines. MDL has also built cargo ships, passenger ships, supply vessels, multipurpose support vessels, water tankers, tugs, dredgers, fishing trawlers, barges, and border outposts for various customers in India and abroad.
- MDL has grown from a small ship repair company with a single unit into a multi-unit and multi-product company, with a significant rise in production, use of modern technology, and product sophistication.
Who issues Coins in India
- Under the Coinage Act 1906(last amended in 2011), the government of India has the power to issue coins and Re 1 notes. However, RBI is responsible for circulating coins minted by the government in the market through banks.
- Under the Reserve Bank of India Act 1934, the RBI has the power to issue currency notes in denominations of Rs 2 to Rs 10,000.
- The government of India can issue coins in the denomination of 50 paise to Rs 1000.
- Coins up to 50 paise are called ‘small coins’, and coins of Rupee one and above are called ‘Rupee Coins’.