Above two grammes, there could be a charge of supply, but the committee is expected to stress that the law should distinguish between social and commercial supply.
We Brits stopped using gold for pound coins a long, long time ago as the amount of gold that made a pound shrank away to microscopic amounts (currently around 0.03 grammes of gold).
The three grammes of copper in the 1 rupee coin (we are talking about the older style, the Jinnah on one side, Badshahi Masjid on the other, a brown colour, not the newer silvery looking coin) therefore has a refined value of 2.64 US cents.