RBI/2010-11/428
UBD.BPD. (PCB). Cir.No. 39 /09.73.000/2010-11

March 15, 2011

The Chief Executive Officers,
All Primary (Urban) Co-operative Banks.

Madam / Dear Sir,

Coins of 25 Paise and Below – Withdrawal from Circulation

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 (Given Below)  on the above subject.

2. 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. The UCBs may take note of the above instructions.

3. Please acknowledge receipt to the Regional Office concerned.

Yours faithfully

(Uma Shankar)
Chief General Manager

_____________________________________

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

Date : 01 Feb 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. 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

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0 Comments

  1. Ram says:

    Already we are suffering by inflashion. Small coins of 50pc is not being given by Bus conductors and other small peoples. These small coins of 25pc is more convenient for handling. It is better to go to Haji Malang and offer coins to poor peoples rather than standing in que in banks and face rubbish behaviour of bank staffs.

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