Throw a 25 paisa coin at them and you'll know that even beggars can be choosers. It had in any case lost whatever little value it had - now the government has decided to withdraw it from circulation altogether
Throw a 25 paisa coin at them and you'll know that even beggars can be choosers. It had in any case lost whatever little value it had - now the government has decided to withdraw it from circulation altogether.
Come June 30, and the 25 paise coins will cease to be legal tender in the country. The days of 'chavanni' will truly be over.
"The minimum denomination coin acceptable for transaction will be 50 paise from that date," the Finance Ministry said in a statement Thursday.
From June 30, 2011, together with 25 paise coins, all other coins of lesser denomination - one paisa, two paise, three paise, five paise, ten paise and 20 paise - also 'will not be accepted in transactions', it said.
Most of these coins
vanished a long while ago as the government found the cost of minting them many times more than their face value.
From June 30, 2011, these coins will cease to be legal tender for payment as well as on account. The procedure for call-in will be notified separately by the Reserve Bank of India (RBI), the ministry said.
Contemporary Coins
Denominationu00a0 Metalu00a0u00a0u00a0u00a0u00a0u00a0u00a0u00a0u00a0u00a0u00a0u00a0u00a0u00a0u00a0u00a0u00a0u00a0u00a0 u00a0u00a0u00a0 Weightu00a0u00a0 Shapeu00a0u00a0u00a0u00a0u00a0u00a0u00a0u00a0u00a0 Size u00a0
Five Rupeesu00a0u00a0 Cupro-Nickelu00a0u00a0u00a0u00a0u00a0u00a0u00a0u00a0u00a0u00a0u00a0u00a0u00a0u00a0 9.0 g u00a0u00a0 Circular u00a0u00a0u00a0u00a0u00a0u00a0u00a0 23 mm u00a0
Two Rupeesu00a0u00a0 Cupro-Nickel u00a0u00a0u00a0u00a0u00a0u00a0u00a0u00a0u00a0u00a0u00a0u00a0u00a0 6.0 g u00a0u00a0 Eleven Sided u00a026 mm u00a0
One Rupeeu00a0u00a0u00a0u00a0 Stainless Steelu00a0u00a0u00a0u00a0u00a0u00a0u00a0u00a0u00a0u00a0u00a0 4.85 gu00a0u00a0Circular u00a0u00a0u00a0u00a0u00a0u00a0u00a0 25 mm u00a0
Fifty Paiseu00a0u00a0u00a0u00a0u00a0Stainless Steelu00a0u00a0u00a0u00a0u00a0u00a0u00a0u00a0u00a0u00a0u00a0 3.79 g u00a0Circular u00a0u00a0u00a0u00a0u00a0u00a0u00a0 22 mm u00a0
Twenty Fiveu00a0u00a0 paise u00a0Stainless Steelu00a0u00a02.83 g u00a0 Circularu00a0u00a0u00a0u00a0u00a0u00a0u00a0u00a019 mm
5,438Cr
Approximate no. of small coins currently in circulation in India
R1,455Cr
Total value of these coins
| Money matters |
| Rising metal prices is set to be the reason behind this step. The move will have a major effect on all financial transactions as the pricing of many day to day products and services, entries in the books of accounts as well as taxes and levies will have to be revised and rounded off to either 50 paise or a whole rupee. In the past, the government has withdrawn coins of lower denominations such as 10 paise, 20 paise and 5 paise as well as one 'anna'. |
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