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New Delhi: It had in
any case lost whatever little value it had - now the Indian
government has decided to withdraw it from circulation altogether.
Come June 30, and the 25 paise coins will cease to be legal tender
in the country. The days of 'chavanni will truly be over.
"The minimum denomination coin acceptable for transaction will be
50 paise from that date," the Finance Ministry said in a statement
Thursday.
From June 30, 2011, together with 25 paise coins, all other coins
of lesser denomination - one paisa, two paise, three paise, five
paise, ten paise and 20 paise -- also "will not be accepted in
transactions", it said.
Most of these coins vanished a long while ago as the government
found the cost of minting them many times more than their face
value.
From June 30, 2011, these coins will cease to be legal tender for
payment as well as on account. The procedure for call-in will be
notified separately by the Reserve Bank of India (RBI), the
ministry said.
It added: "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."
A 50 paise coin equals around one US cent.
For 88-year-old P. Ramasubramanian, the news evoked nostalgia.
"We used to call it 'char anna' or 'four annas'. In 1940s you
could run your household for a day with two of these,"
Ramasubramanian told IANS.
"During our school days, we used to get 25 paise as our pocket
money. Now it has no value. Things have changed so much," said
62-year-old Akhil Bagga.
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