"The Income Tax department celebrated 150 years of taxation in the country last year and the these coins, especially the one in Rs. 150 denomination will be minted for the first time," a senior I-T official said.
For the first time in the country's minting history, government will issue coins of Rs. 150, marking the number of years of taxation in India.
The special coins, to be released by Finance Minister Pranab Mukherjee before his Budget speech, will also be brought out in Rs. 5 denomination on the occasion of completion of 150 years, from 1860 to 2010, of the Income Tax department.
This is the first time that coins of Rs. 150 denomination are being minted by the government. The Department of Economic Affairs under the Finance Ministry recently notified the order.
The Rs. 150 coin, made of an alloy of Silver, Copper, Nickel and Zinc, will have an international design with 'Satyameva Jayate' and 'India' on the front side while a portrait of 'Chanakya and lotus with honeybee' on the reverse side.
The Rs. 5 coins will also be minted in the same fashion. While 200 coins will be minted in Rs. 150 denomination, 100 such coins of Rs. 5 will be issued.