image

Treasure the 25 paise coin – Out of circulation soon

RBI/2010-11/482
RPCD.CO.No RCB. 61/07.38.03/2010-11

April 21, 2011

CLR Notes: Coins of denomination of 25 paise and below will be withdrawn from circulation with effect from 30th June ,2011 and the banks are instructed to exchange before the close of business on the 29th June, 2011.

The Chairmen/CEOs of all State and Central Co-operative Banks

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 on the above subject (copies enclosed).

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 29, 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 StCBs/CCBs may take note of the above instructions.

3. Please acknowledge receipt to the Regional Office concerned.

Yours faithfully

(C.D.Srinivasan)
Chief General Manager

Encls: 2


Ministry of Finance
(Department of Economic Affairs)
Notification

[F.No.11/19/2009-coin]

December 20. 2010

S.O.2978 (E) In exercise of the powers conferred by sub-section 15A of the Coinage Act, 1906 (3 of 1906), the Central Government hereby determines to call in from circulation the coins of the denomination of 25 paise and below, issued from time to time, with effect from June 30, 2011 and from this date these coins shall cease to be a legal tender for payment as well as on account. The procedure for call in shall be notified separately by the Reserve Bank of India.

(Arun Sobti)
Under Secy.
(Currency & Coinage)

 

profile image

About eMinds Legal

eMinds Legal

eMinds Legal is a Corporate Law Firm based in Gurgaon, India specializing in Corporate Legal, Corporate Secretarial and Compliance. The Firm comprises of a team of Corporate Lawyers and Company Secretaries with in-depth subject matter knowledge and participative industry experience of over 15 years.

Leave a Reply

Your email address will not be published. Required fields are marked *

Corporate Law Referencer

Corporate Law Referencer

Corporate Law Referencer

India’s Leading Compliance Software

India’s Leading Compliance Software

Get A Demo Today !

Recent Articles

Recent Legal updates

Recent Gst Updates