Delhi, December 31: 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.
-Agencies