25 paise, or 'chavanni', is dead !

Mumbai, June 29: The 25 paise coin, popularly known as 'chavanni' and which first came into being in 1950, died an official death Wednesday. According to the Reserve Bank of India (RBI), Wednesday was the last day when the 25 paise coin held legal value. "The coins of denomination of 25 paise and below will cease to be legal tender from June 30," an official said.  These would not be accepted for exchange at bank branches from Friday. On Thursday too, the banks would not exchange 25 paise coins as the central government invoked section 15A of the Coinage Act, 1906, and withdrew them from circulation from June 30, an RBI spokesman said. With the end of the era for 25 paise coins, the 50 paise (half a rupee) shall now be the lowest denomination coin in public circulation. (IANS)

Lastupdate on : Wed, 29 Jun 2011 21:30:00 Makkah time
Lastupdate on : Wed, 29 Jun 2011 18:30:00 GMT
Lastupdate on : Thu, 30 Jun 2011 00:00:00 IST



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