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

[S.Chandrasekaran]

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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.
J.D. Desai
Assistant Manager

Press Release : 2010-2011/1095
source: RBI Press Release
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Thanks and Regards,
Courtesy : World Malayali Club, Dhubai

 

[N.R.Ranganathan]

Sir:

So four annas go; eight annas will follow and then one rupee coins and notes.
What a blessed Govt. Even 10 rupee notes will lose its purchasing power and
that wonderful FM talks about low rate of inflation. They have neither basic
knowledge of economics nor common sense to rule this country.

 

[sangom]

Sir:

So four annas go; eight annas will follow and then one rupee coins and notes.
What a blessed Govt. Even 10 rupee notes will lose its purchasing power and
that wonderful FM talks about low rate of inflation. They have neither basic
knowledge of economics nor common sense to rule this country.

While I am no admirer of our GOI or our self-seeking politicians, I feel it will be impossible for even an honest and expert govt., to escape from inflation as such. But its effects increase when mismanagement, corruption, etc., are present.