|Coins of 25 paise and below will not be Legal Tender from June 30, 2011 : RBI appeals to Public to Exchange them upto June 29, 2011 |
Coins of denomination of 25 paise and below will cease to be legal tender from June 30, 2011. These will not be accepted for exchange at bank branches and RBI Issue Offices from June 30, 2011.
The Reserve Bank of India has, therefore, appealed to the members of public to exchange these coins at the branches of banks maintaining small coin depots or at the offices of the Reserve Bank. The exchange facility at these bank branches or the Reserve Bank offices will be available till the close of business on June 29, 2011. The Reserve Bank of India has instructed the banks maintaining Small Coin Depots (list annexed) to arrange for exchange of coins of denomination of 25 paise and below for their face value at their branches.
It may be recalled that in exercise of powers conferred by Section 15A of the Coinage Act, 1906 (3 of 1906), the Government of India has decided to withdraw the coins of denomination of 25 paise and below from circulation with effect from June 30, 2011. From this date, these coins shall cease to be legal tender for payment as well as on account.
Assistant General Manager
Press Release : 2010-2011/1675