Coins of 25 Paise and Below– Withdrawal from Circulation

Posted: 17/03/2011 in Reserve Bank of India, Uncategorized

Please refer to the Govt. of India Gazette Notification S.O 2978(E) dated December 20, 2010 and the Reserve Bank Press Release dated February 1, 2011 on the above subject (copies enclosed).

The Government of India has decided to withdraw coins of denomination of 25 paise and below from circulation with effect from June 30, 2011. The Reserve Bank of India has instructed the banks maintaining small coin depots to arrange for exchange of coins of denomination of 25 paise and below for their face value at their branches.

The coins will be exchanged at the branches of these banks as also the offices of the Reserve Bank till the close of business on June 30, 2011. Coins of denomination of 25 paise and below will not be accepted for exchange at the bank branches from July 1, 2011 onwards.

Click here to download the Notifification: RBI/2010-11/428 UBD.BPD. (PCB). Cir.No. 39/09.73.000/2010-11 dated March 15, 2011.

Press Release : RBI instructs Banks to exchange Coins of 25 paise and Below for Facevalue

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. Members of public can exchange small denomination coins at any branch of these banks. Exchange facility will also be available at all Issue Offices of the Reserve Bank. The coins will be exchanged at the branches of these banks/offices of the Reserve Bank till the close of business on June 30, 2011.

Coins of denomination of 25 paise and below will not be accepted for exchange at the bank branches from July 1, 2011 onwards.

It may be recalled that in exercise of powers conferred by Section15A of the Coinage Act, 1906(3of 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.

Click here to download Press Release : 2010-2011/1095  Dated February01 , 2011.

Source: Reserve Bank of India

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