Coins below 50 paise to lose currency

PTI

New Delhi, 03 January 2011: Come June 30 and 50 paise will be the minimum coin accepted in the country’s markets as all denominations below it will cease to be legal currency.

 

 

“From this date, these coins (denomination of 25 paise and below) shall cease to be a legal tender for payment as well as on account,” the Finance Ministry said in a statement on Thursday.

 

It said the minimum denomination coin acceptable for transaction will be 50 paise from that date.

 

Also, the entries in books of accounts, pricing of products, services and taxes would be rounded off to 50 paise or whole rupee from that date.

 

“The procedure for call-in shall be notified separately by the Reserve Bank of India,” it added.