|RBI instructs Banks to exchange Coins of 25 paise and Below for Facevalue |
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.
Press Release : 2010-2011/1095