Tuesday November 12, 2019
Home World British Gover...

British Government to launch a new one Pound Coin at the end of March and scrap the current one by October

The new 12-sided coin will be legal from March 28

0
//
One pound coin. Wikimedia commons

London, Jan 3, 2017: The British government will launch a new one pound coin at the end of March and scrap the current one by October. An announcement from the British Treasury on Sunday said the new 12-sided one pound coin would become legal tender on March 28 and the new coin would be produced by the Royal Mint in Wales, Xinhua news agency reported.

A total of 1.5 billion coins will be issued in the first minting.

Check out NewsGram for latest international news updates

The new coin has been introduced to deter sophisticated counterfeiters who can now replicate the current coin, which has been in circulation for 30 years.

The new one pound has a distinctive 12-sided shape, recognisable even by touch and it is made of two metals, the outer ring is gold-coloured (nickel-brass) and the inner ring is silver-coloured (nickel-plated alloy).

NewsGram brings to you current foreign news from all over the world.

And if the coin is tilted it shows a latent image, like a hologram, which changes from a pound sign to the number one.

It will also feature the fifth coinage portrait of Queen Elizabeth II, the world’s longest-serving monarch who began her reign in 1952. (IANS)

Next Story

Paytm To Invest Rs.250 Crores For Its Travel Business

Digital payments firm Paytm on Thursday announced to invest Rs 250 crore in its travel business over the next six months to scale up product and technology team for new business

0
Paytm, Business, Travel, innovation, money
The company has chosen Bengaluru as the base of operations for its travel Business with a teame of over 300 members. Pixabay

Digital payments firm Paytm on Thursday announced to invest Rs 250 crore in its travel business over the next six months to scale up product and technology team and set up new business verticals.

According to the company, owned by One97 Communications, it has sold over 100 million tickets within just three years of operations.

“We continue to witness strong growth in tier 2 and 3 cities, which accounts for over 65 per cent of our new customers. This investment will help us further bolster our position as a dominant player in the travel booking space,” said Abhishek Rajan, Senior Vice President at Paytm Travel.

The company claimed that it sells more than six million travel tickets every month and is targeting to grow by 100 per cent in the current financial year.

Paytm, Business, Travel, innovation, money
Paytm Travel has launched several product innovations like free cancellation that starts as low as Rs 99 for flights and Rs 9 for bus. Wikimedia Commons

With a customer base of more than 15 million and annual GMV of $1 billion, Paytm has quickly risen to become a leading online travel booking destination in India.

Since its inception, Paytm Travel has launched several product innovations like free cancellation that starts as low as Rs 99 for flights and Rs 9 for bus, zero cancellation-processing fee on flight tickets and instant refunds among others.

ALSO READ: Google Announces a Slew of Products- AI Lab, BSNL Partnership

“Our users have saved more than 60 crore from our free cancellation feature on flight and bus ticket bookings,” added Rajan.

The company has chosen Bengaluru as the base of operations for its travel Business with a teame of over 300 members. (IANS)