Special Commemorative Coin Released on MDL Shipyard 250th Anniversary

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.

About 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. 

Recent Achievements of MDL 

Midget Submarine

• Defence Secretary Giridhar launched the platform design and hull of the midget submarine Arowana, constructed by MDL. Arowana is an indigenously designed technology demonstrator submarine. 
• If the design is successful, the MDL plans to design a conventional full-fledged submarine for the Indian Navy by 2028.
•  India does not have the capacity to design submarines. The submarines being constructed in India are based on licenses given by foreign companies.

Solar Electric Hybrid boat

The Defence Secretary also commissioned the Solar Electric Hybrid boat, which MDL designed and developed in partnership with private companies.

The solar boat has a top speed of 11 Knots, a running cost of almost 1/10th that of a diesel boat, and very low maintenance costs.

Fuel Cell Electric Ferry SUCHI

MDL has also developed a  24-passenger Fuel Cell Electric Ferry named ‘SUCHI’.The vessel is a zero-polluting vehicle with low acoustic signatures.

The vessel will help in environment conservation and pollution-free waterways transportation.

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'. 

Minting of Coins 

The Coins are minted by the Government of India at 

• Mumbai, 
• Alipore(Kolkata),
• Hyderabad  and
• NOIDA (UP).

Commemorative Coins 

• Commemorative coins are issued by the government of India to mark some special events.
• Commemorative coins have a distinct design which highlights the occasion on which they are issued.  
• Commemorative coins are issued for collection purposes and are not legal tender unless the government notifies them.
•  Legal tender means they can be used to purchase goods and services from the market.
• The first commemorative coin in India, bearing the image of Jawaharlal Nehru, was issued in 1964 to commemorate his birth anniversary.