NOSTALGIC RBI MOVE
AN ICONIC DECISION BY THE GOVERNMENT OF INDIA MAY HURT MANY SENTIMENTS FROM JUNE THE 30th, 2011.
THE COINS OF VALUE DENOMINATION 1-(ONE) PAISE, 2-(TWO) PAISE, 3-(THREE) PAISE, 5-(FIVE) PAISE, 10-(TEN) PAISE, 20(TWENTY) PAISE AND 25(TWENTY-FIVE) PAISE WILL NO LONGER BE A VALID DENOMINATION.
EVEN THOUGH THESE COINS VANISHED LONG TIME AGO, WHATEVER COINS WERE MINTED AND WERE IN CIRCULATION WILL NOT BE ACCEPTED IN TRANSACTIONS. THE MINTING OF THESE COINS WAS STOPPED BECAUSE; THE COST OF MINTING THEM WAS MORE THAN THEIR FACE VALUE. NOW THE GOVERNMENT OF INDIA HAS DECIDED TO WITHDRAW THEM FROM CIRCULATION ALTOGETHER AND WILL CEASE TO BE A LEGAL TENDER IN THE COUNTRY AND THE MINIMUM DENOMINATION COIN THAT WILL BE ACCEPTED AS A LEAGL TRANSACTION WILL BE 50-(FIFTY) PAISE COIN. ALSO THESE DENOMINATIONS (1,2,3,5,10,20,25 PAISE) WILL NOT BE ACCEPTED FOR PAYEMNT ON ACCOUNT i.e. THE ENTRIES IN BOOKS OF ACCOUNTS, PRICING OF PRODUCTS, TAXES, SERVICES ETC. WILL BE ROUNDED OFF TO FIFTY PAISE OR WHOLE RUPEE FROM THE DATE THE PROCEDURE FOR CALL-IN WOULD BE NOTOFIED BY THE RBI. THE FINANCE MINISTRY HAS REALLY WIPED OUT WHATEVER LITTLE VALUE THESE COINS HAD. NOW NOBODY CAN CALL AS ‘CHAVANNI CHAAP’; AS THIS WILL ALSO BECOME HISTORY.
Milind Phadke
+919890317557
