Discussion: Are Indian UNC/Proof Sets Legal Tenders

[Abhay]

Dear Friends

Pity I cant buy a loaf of bread with 100 Rs Nehru coin.       

I hope the official is wrong. I invite your views.

Regards

Sanjay Kansal

Dear Sanjayji,

Leave the Bread, I am ready to give a NICE CAKE for all your 100 Rupee coins. Are you interested?? 

In spite of not being legal tenders, these Proof and UNC sets are being sold at very high premiums.

Abhay

[kansal888]

Abhay Ji

Thanks for your offer of cakes.  Lets taste the cake first.. will decide about the fate of coin later...

But on a serious note: If Proof/Unc sets are not legal tender, it rubs them of some sheen. Although it does not make an iota of difference in their value   

Regards

Sanjay Kansal 

[The Oracle]

But on a serious note: If Proof/Unc sets are not legal tender, it rubs them of some sheen. Although it does not make an iota of difference in their value   

Regards

Sanjay Kansal 

If people understood that they were medals and not coins their prices would be affected significantly.  There is a very vibrant Indian medals market but the prices do not come close by half.  This market thrives because people think of it as legal tender.  Watch the legislation space in the future when the people realize and the sales drop at the mint, they will retrospectively make all of these legal tender. 

Selling coins to collectors is a multi million dollar business and the indian mints have just begun to scratch the surface.  The best is yet to come including high price rises. 

[The Oracle]

Just a side note.... that I've listed some mint sets which i'd like to sell (trying to raise some money to buy other indian coins  ) Regardless whether legal Tender or not, have a look under the For Sale section if any of you are interested. I'd like to think i listed at modest prices.

i dont know if anyone read my introduction.  I am looking to complete my collection so i am always looking to buy. Now if you could point me to the thread.  Thanks

[Abhay]

If you see the GST Invoice issued by the Kolkata Mint, the HSN Code for the coins is mentioned as 71181000.

If you search for HSN Code 71181000, it shows as "HS Codes 71181000 : HS Classifcations of Coin (other than gold coin), not being legal tender. Harmonized System Codes of Chapter 71 : Natural or cultured pearls, precious or semi-precious stones, preciousmetals, metals clad with precious metal and articles thereof; immitation jewellery; coin."

So, as per Kolkata Mint, all the Proof and UNC sets are being sold as Non Legal Tender Coins.

Abhay

[idiotghost]

What a mockery of sorts by the mint!

[kansal888]

If you search for HSN Code 71181000, it shows as "HS Codes 71181000 : HS Classifcations of Coin (other than gold coin), not being legal tender.

I am aware of this inconsistency. Everyone knows how Kolkata mint functions.

An error in correct HSN classification by the accounts department of Kolkata mint does not means commemorative coins sold by Kolkata mint are not legal tender. May be the GST system does not have correct HSN codes for commemorative coins.

Regards
Sanjay Kansal