Bid adieu to the light and simple 25 paise coins. The stainless steel version of the 25 paise coin was introduced in 1988 in India. The style of the coin is moulded in Ferratic Stainless Steel with a weight of 2.83 gms and circular shape and size of 19 mm.The coin changed its appearance and nature from nickel to steel in the long run. But even the same appears to the government, RBI, and the economy to be old both in style and value.
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The Department of Economic Affairs in the Ministry of Finance by way of Extraordinary Gazette Notification dated 20/12/2010 published that the Central Government has determined to call the coins of 25 paise denomination and below from circulation with effect from June 30, 2011. This was done by way of the power conferred on the Central Government under Section 15A of the Coinage Act, 1906.
The Reserve Bank of India has instructed the banks maintaining small coin depots to make every arrangement for exchange of coins of denomination of 25 paise and below for their face value at their branches. The deadline for exchanging in these banks as also the offices of the Reserve Bank is 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 and will cease to be a legal tender thereafter.
The Consequence
The entries in books of accounts, product prices, and everything including services and taxes shall be rounded off to 50 paise or whole. You will pay extra for all these products and services.
Well the reason may be the rise of steel prices and manufacturing costs. Any how we all can move our favourite last 25 paise to our antique collection or exchange it for value. Whatever may be your decision, here is a list of Banks(in alphabetical order)where the coins will be exchanged.
Allahabad Bank
Andhra Bank
AXIS Bank Ltd
Bank of Baroda
Bank of India
Bank of Maharashtra
Canara Bank
Central bank of India
City Union Bank
Corporation Bank
Dena Bank
ICICI Bank Ltd
IDBI Bank Ltd
Indian Bank
Indian Overseas Bank
ING Vysya Bank Ltd
Karnataka bank Ltd
Oriental Bank of Commerce
Prathama Bank Ltd
Punjab and Sind Bank .
Punjab National Bank
Standard Chartered Bank
State Bank of Bikaner and Jaipur
State Bank of Hyderabad
State bank of India
State Bank of Mysore
State Bank of Patiala
State Bank of Travancore
Syndicate Bank
Tamilnad Merchantile Bank Ltd
The Catholic Siriyan bank Ltd
The Dhanalakshmi Bank Ltd
The Federal Bank Ltd
The HDFC Bank Ltd
The Jammu and Kashmir Bank Ltd
The Karur Vysya Bank Ltd
The Laxmi Vilas Bank Ltd
The Nainital Bank Ltd
The Rajasthan State Cooperative Bank Ltd
The South Indian Bank Ltd
Tripura Gramin Bank
UCO Bank
Union Bank of India
United Bank of India
Vijaya Bank
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