25 Paise Coins Getting Scrapped

Posted In India - By NitiN Kumar Jain On Thursday, December 30th, 2010 With 0 Comments

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Inflation now looks to have hit the Indian currency.

Indian finance ministry has decided to scrap the usage of 25 paise coins from 30th June 2011 i.e.  25 paise coin will also go the 10-paise way into the history.

Coins of 25 paise and below will not be accepted in transactions from 30th June 2011, so minimum denomination coin acceptable from the date will be 50 paise.

The reason behind taking such a decision is that manufacturing these currency coins in their current shape and size require good amount of money and spending more than the currency value itself is not a good deal.

The move to withdraw 25 paise coins will have much more impact as the entire accounting system will have to be reworked to ensure that transaction of 25 paise is taken care by rounding off to the next denomination i.e. 50 paise.

Start collecting 25 paise coins if you love these as they will not be in market very soon. They will only appear in history museums and in pictures now on.

I didn’t want this news to go unnoticed, so shared.