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Bye bye, small change


25 paise coins cease to be legal tender from today


— Photo: G.R.N. Somashekar

A collector's item from now on.

Mumbai: The 25 paise coin, which has been fading out of the pocket change in recent years because of low acceptability, will finally become history from Thursday.

The coin, along with those with lower denominations, will be demonetised or cease to be legal tender.

Wednesday was the last day to exchange such coins with banks or the Reserve Bank of India.

“Coins of the denomination of 25 paise and below will cease to be legal tender from June 30, 2011. These will not be accepted for exchange at bank branches from July 1, 2011 onwards,” the Reserve Bank of India said recently.

In December 2010, the government had decided to withdraw the coins of denomination of 25 paise and below from circulation from June 30.

Even before price inflation killed the 25 paise coin, the RBI had been receiving complaints that shops, business establishments, utility services and even public sector organisations and government departments were not accepting it.

The RBI then had to issue notice that the coin was in circulation and continued to be legal tender. Coins of 1 paisa, 2, 3 and 5 paise denominations have already been demonetised.

The Frozen Series 1947-50 represented the currency arrangements during the transition period up to the establishment of the Indian Republic.

The Monetary System remained unchanged at One Rupee consisting of 192 pice.

The Anna Series was introduced on August 15, 1950 and represented the first coinage of Republic India. The King's Portrait was replaced by the Lion Capital of the Ashoka Pillar, according to an RBI document.

In September 1955, the Indian Coinage Act was amended for the country to adopt a metric system for coinage. The rupee remained unchanged in value and nomenclature. It, however, was now divided into 100 ‘paise' instead of 16 annas or 64 pice.

The 2.5 gram nickel 25 paise coin was born. The latest 25 paise coin, weighing 2.83 gram, was ferrite stainless steel.

Stainless steel coinage of 10, 25 and 50 paise, was introduced in 1988 and of one rupee in 1992. — PTI

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