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Forum Home > Republic Of India > 25 Paise coin going out of Circulation?

broken compass
Limited Member
Posts: 230

http://ibnlive.in.com/photogallery/4268.html

Why would they want to do that!!?!

June 28, 2011 at 12:07 AM Flag Quote & Reply

kidromeo
Site Owner
Posts: 489

Not only 25 paise coins but all ROI coins below 50p denomination; issued till date are going to be officially demonetized.

RBI Press Release

That's a sensible thing to do IMO as none of these denominations were circulating and people were giving away these coins to melters at face.

--
"Coin collecting is the only hobby in the world that you can
spend all the money in the world and still have some left over" 
June 29, 2011 at 2:31 PM Flag Quote & Reply

Sujai
Member
Posts: 36

Yes, I agree with Rony.

Recently I saw a shop keeper at my nativ who had kept aside old type one rupee and two rupee coins (bigger cu-ni issues), when I asked him why he has kept it aside, he told that there are people who buy those coins for three to four rupees for melting.

Its much better that RBI will collect the coins and melt them rather than these criminals melting them...

June 29, 2011 at 6:13 PM Flag Quote & Reply

broken compass
Limited Member
Posts: 230

When 50 Paise is the minimum denomination, isn't that a clear indicator of inflation? It's crazy how expensive things have become. 


June 30, 2011 at 11:44 AM Flag Quote & Reply

kidromeo
Site Owner
Posts: 489

It's not much startling considering the fact that 50p has unofficially been the minimum denomination in most part of India w.r.t. retail transactions as well as in accounting standards since nearly a decade. In fact in majority of transactions related to the GOI, the Controller General of Accounts has made amendments to accounting laws long time back to round off amounts equivalent to 50p and above to nearest Rupee and amounts less than 50p are ignored. Inflation was always here, it's just now that it's been officially recognised ;)

--
"Coin collecting is the only hobby in the world that you can
spend all the money in the world and still have some left over" 
July 1, 2011 at 7:22 AM Flag Quote & Reply

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