Saturday, February 26, 2011

Income Tax - 150 Years of Building India (1860-2010) Commemorative Coin

To view high resolution image, click on the image above
To view high resolution image, click on the image above
The Finance Minister Shri Mukherjee was speaking at a function here today after releasing the commemorative coins in denomination of Rs. 150 and Rs. 5 to mark the completion of year long celebrations of 150 years of Income Tax. 

The coins minted under the authority of the Central Government, commemorate “Income Tax – 150 years of Building India.” The reverse faces of the coins bear the portrait of “Chanakya and Lotus with Honeybee” at the centre representing his famous lines, “..... Ideally, governments should collect taxes like a honeybee, which sucks just the right amount of honey from the flower so that both can survive.....”. Just below the portrait of Chankya, the word “Chanakya” is written in Hindi and English. The left and right peripheries of the coins are flanked with words “Income Tax-150 years of Building India” in both Hindi and English. The one hundred and fifty rupees coin is not only unique for its denomination but also its size and metal composition. This 44 millimetres circular coin is made of 50% silver.

Earlier welcoming the Finance Minister, Chairman, CBDT Shri Sudhir Chandra said that release of coins in denominations of Rs. 150 and Rs. 5 today by the Union Finance Minister Shri Mukherjee to commemorate this event marks a significant milestone in the history of the Income Tax Department. The yearlong celebrations were inaugurated by Shri Pranab Mukherjee, Hon’ble Union Finance Minister on 24th July 2010 to mark completion of 150 years of income tax in India at a grand opening ceremony at FICCI Auditorium in New Delhi.

In the legislative history of India, income tax was introduced for the first-time vide the Act No. XXXII of 1860 imposing duties on profits arising from property, professions, trades & offices. It was passed by the Legislative Council of India and received the assent of the Governor General on the 24th July 1860. This Act was the precursor to the modern income tax law in the country.


The Income Tax department has decided to celebrate 24th July, as the annual Income Tax Day from this year, to mark 150 years of existence of this levy.

“Since income tax was first levied as a duty in the year 1860 and the authority to levy that duty came into force on July 24 of that year, it is proposed to celebrate this day as the Income Tax Investiture Day,” a finance ministry official said.

On July 24, 2010, the department will hold a function in the national capital, which would be inaugurated by the Finance Minister Pranab Mukherjee.

“On this day, some officers would be awarded. Besides, formal logo of income tax department will be adopted,” he said.

The income tax department would also celebrate its 150th year of existence from 24th July this year to 24th July next year.

During the year, the department plans to have a commemorative stamp and coins.

Friday, February 4, 2011

Definitives 2011

To view the high resolution images,  click on the images above
On 4 Feburary 2011, the United Nations Postal Administration (UNPA) issued six definitive stamps in the denominations of 11¢, $5.00, F.s. 0,10, F.s. 0,50, 1,25 and 2,85. 

On 4 February 2011, special first day hand-cancellations for the new definitive stamps were made available at United Nations Headquarters in New York; the Palais des Nations, Geneva; and the Vienna International Centre.

First day covers for the new New York definitive stamp were made available as follows: 
Single — a total of two envelopes, each with one of the values issued: 
Combo — one envelope for each location: 
Triple-cancelled FDC — one large envelope with both locations singles affixed and appropriately cancelled from all three locations. 

The stamps measure 32.32 mm horizontally by 26 mm vertically, perforation to perforation. Perforation size: 13. 

The vertical sheets of 20 stamps have four marginal inscriptions, two in the left margin and two in the right margin. The marginal inscription consists of the United Nations emblem with the text “United Nations” above the emblem and the year 2011 below the emblem. One copyright symbol with the year 2011 appears in the bottom margin. 

Printed in offset by Cartor Security Printing (France). 

The designs, which are hand-drawn illustrations representing street and aerial views of the UN Headquarters buildings in New York, Geneva and Vienna were illustrated by Scott Solberg (United Nations).