Latest


Coins Below 50 Paise to Lose Value from Jun 30

  •   Mon, Jan 03 2011 12:49:58 PM

Coins Below 50 Paise to Lose Value from Jun 30

Jan 3(PIB):  50 Paise Coins will be minimum denomination coin acceptable for transaction from Jun 30.  The Central Government, Ministry of Finance has notified on December 20, 2010 to call in from circulation the coins of denomination of 25 paise and below, issued from time to time, 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.

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 (3 of 1906).
  

Top Stories

Comment on this article

  • Joel, Mangalore/Kuwait

    Tue, Jan 04 2011

    A wise decision Indeed. Least we don't have o feel denied of small change nor will there be a necessity to carry or worry of loose change.
    @ Nagesh: If something cost 30 paise, they can offer you a candy worth 20 paise or a few roasted peanuts. And charge you 50P. As for your other comments, no party in India is without theft, corruption and fleecing. Indians give more money to temples than charity. (Google that to find some facts) I despise your statement that Italian Led Govt. She is more Indian than you are because you cause divisions among people with your fanatic and biased views. So your comment is in poor taste.

    DisAgree Agree Reply Report Abuse

  • Dennis, Mangalore

    Mon, Jan 03 2011

    What the government has taken is right according to the present condition of the society where the value of money is getting less day by day. it will be easy for everyone as of now not a single person is returning changes if less than 25 paise.

    DisAgree Agree Reply Report Abuse

  • Anil, Mangalore/Abudhabi

    Mon, Jan 03 2011

    Nagesh Nayak ,Bangalore. You forget to mention one more Name,i.e, Yediyurappa in scam leaders

    DisAgree Agree Reply Report Abuse

  • ISMAIL K PERINJE, PERINJE/YANBU-KSA

    Mon, Jan 03 2011

    Nageshanna,Banagalore no see long back!!!??
    How about state corruption money under Yeddy to be minted @ .5 crore note????

    DisAgree Agree Reply Report Abuse

  • nagesh nayak, bangalore

    Mon, Jan 03 2011

    hi, Prakash Shetty Ulepady, Ulepady/ Delhi,

    YOUR GOVT. IS NOT FOR DELHI BUT FOR WHOLE OF INDIA.

    YOU VISIT VILLAGES & SEE THE APATHY OF PEOPLE WHO ARE STRIVING FOR EACH SINGLE NAYA PASE.

    YOUR STATEMENT REFLECTS YOUR NEGLIGENCE TOWARDS POOR PEOPLE.

    DO NOT FORGET THAT " HALLI IDDARE DILLI"

    DisAgree Agree Reply Report Abuse

  • Prakash Shetty Ulepady, Ulepady/ Delhi

    Mon, Jan 03 2011

    Here in Delhi nobody takes even 50 paise. from last few years...

    DisAgree Agree [1] Reply Report Abuse

  • Ruchir Agarwal, mangalore

    Mon, Jan 03 2011

    What one has to with the stock of below 25 np coins one has? Already small hotels have began to dispense the 25np coins in change.Will banks accept the change from us?

    DisAgree Agree Reply Report Abuse

  • Purushottama, Byndoor

    Mon, Jan 03 2011

    It is ridiculous. Instead of demonetising Rs.1000 and Rs.500 notes that are used in black money dealings and corruption the Government is demonetising small coins!!!! Jai Ho UPA!!!

    DisAgree Agree Reply Report Abuse

  • ASHOK, DUBAI

    Mon, Jan 03 2011

    In simple 25 Paise to lose Value.

    DisAgree Agree Reply Report Abuse

  • nagesh nayak, bangalore

    Mon, Jan 03 2011

    ABSOLUTELY STUPID DECISION.

    THERE ARE 'N'NUMBER OF ARTICLE AVAILABLE IN THE MARKET WHICH COST BELOW 50 NAYA PAISE.

    IF ONE PERSON WANTS TO BUY A ARTICLE OF 30 Paisa , he has to pay 50 paisa.

    THIS ITALIAN LED GOVT. IS MINTING MONEY IN CRORES THRU 2G, CWG, ADARSH HOUSING ETCC. THEY DO N OT DISTURBED.

    FINANCE DEPTT. SHOULD START A NOTE OF ONE CRORE DENOMINATION TO HELP A. RAJA , KALAMDI & OTHER CONGRRESS LEADERS TO HANDLE SCAM MONEY.

    JAI HO STUPIDITY.

    DisAgree Agree Reply Report Abuse


Leave a Comment

Title: Coins Below 50 Paise to Lose Value from Jun 30



You have 2000 characters left.

Disclaimer:

Please write your correct name and email address. Kindly do not post any personal, abusive, defamatory, infringing, obscene, indecent, discriminatory or unlawful or similar comments. Daijiworld.com will not be responsible for any defamatory message posted under this article.

Please note that sending false messages to insult, defame, intimidate, mislead or deceive people or to intentionally cause public disorder is punishable under law. It is obligatory on Daijiworld to provide the IP address and other details of senders of such comments, to the authority concerned upon request.

Hence, sending offensive comments using daijiworld will be purely at your own risk, and in no way will Daijiworld.com be held responsible.

You might also like