If you’re hanging on to your 25 paise, 10 paise or 5 paise coins to actually buy things – don’t! Even if you only want to collect Unless you want to collect them for your numismatist interest, you have to hurry up- because the Government of India has issued a notification to call in the coins of denominations of 25 paise and below with effect from June 30, 2011.
“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,” a notification issued by ministry of finance says.
“Consequently, from June 30, 2011 onwards these coins will not be accepted in transactions. The minimum denomination coin acceptable for transaction will be 50 paise from that date. Also, in accounting, i.e. the entries in books of accounts, pricing of products/services/taxes shall also be rounded off to 50 paise or whole rupee from that date.” (The notification was issued in exercise of the powers conferred by sub section 15A of the Coinage Act, 1906.)
However, people say the government of India is well behind the curve because these coins have been not in transaction for a while! However, the RBI had in the past issued notification saying that the coins of these denominations were valid, whenever it received complaints from public the for not accepting the coins.
The coins of denominations of 1, 2 and 3 paise coins were phased out in the 1970s. Stainless steel coinage of 10, 25 and 50 paise, was introduced in 1988. The new one rupee coin was minted in 1992 and the five rupees cupronickel coil also was introduced in the same year. It was in 2006, the Rs. 10 coin was minted.
These coins, which will be valueless from 30 June, could turn to be priceless in future for a collector.
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