‘Chavanni’ no more after June 30June 29th, 2011 - 2:46 pm ICT by IANS
Mumbai, June 29 (IANS) June 30 will see the last of the Chavanni — the 25 paise coin — as legal tender and people have till the end of banking hours Wednesday to exchange these coins for currency of higher denomination from the various banks.
The Reserve Bank of India had issued a statement a couple of months back informing the public that coins of 25 paise denomination and below will cease to be legal tender post-June 30.
“The coins of denomination of 25 paise and below will cease to be legal tender from June 30. These will not be accepted for exchange at bank branches from July 1, 2011 onwards,” the RBI had said in a statement.
The central government invoked Section 15A of the Coinage Act, 1906, while taking the decision to withdraw coins of denomination of 25 paise and below from circulation.
With the end of the era of 25 paise coins and below, the 50 paise (or half-a-rupee) shall now be the lowest denomination coin in public circulation. Other coins include those of denominations one, two, five, and 10 rupees.
Most of the small denomination coins vanished from circulation a long time ago as the government found the cost of minting them several times more than their face value.
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Tags: bank branches, bank of india, banking hours, central government, circulation, coinage act, coins, denomination coin, denominations, face value, june 29, legal tender, mumbai, paise, rbi, reserve bank of india, rupee, rupees, section 15a, several times