NEWS & ADVICE : FIXED DEPOSITS
Are 25p coins in circulation at all?
By Neelima Shankar
Mar 28, 2011
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The Indian government has asked to put coins of denomination 25p and below out of circulation since July 01, 2011. Banks have been asked to receive coins of such denomination from public in return for exact value.

They have however maintained that it is getting difficult to receive such coins from public due to lack of response from them. One of the biggest causals to such behavior from people can be attributed to the fact that how many coins of such denomination are actually in circulation in the economy for the public to return them?

It has been quite some time these coins have not even been seen by many people. The toffee or candy has in fact replaced these coins since long. Even temples do not witness receipt of such coins. Even beggars refuse to accept these coins on grounds that they are almost considered invalid in monetary transactions.

So how much successful would banks be in receiving such coins still remains a question.


 


(Comments Posted : 1) Post Your Comments
1. It's not just about lukewarm public interest. I've been to three separate banks and have been given no information on how to exchange the 25p coins. Some pathetic bank staffers have not even heard the mandate on recall of these coins! When I have three major public and private banks within walking distance of my home, I have to go out of the way to the RBI branch in Chennai to get the transaction done. And goodness knows if those people are going to make it a bureaucratic nightmare.
Nikhil (Posted: Jun 26, 2011)
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