If you have Re 1 and 50 paise coins, you should check whether they are cupronickel (copper-nickel). This is because specific coins are prohibited from being reissued, according to a notice issued by an ICICI Bank branch in an area of New Delhi. This indicates that the bank will not issue these coins again, once deposited in the bank branch. The Reserve Bank of India (RBI) will only withdraw these coins from the concerned banks.
This does not preclude the use of such coins as legal currency. Although these coins are legal tender, they are being removed from circulation since they are outdated and were frequently used in the 1990s and the early 2000s. The following coins are not permitted to be reissued under RBI regulations, according to the ICICI Bank branch notice. Coins in cupronickel include:
(a) Re 1 coin
(b) 50 paise coins
(c) 25 paise coins
(d) 10 paise stainless steel coins
(e) 10 paise bronze aluminium coins
(f) 20 paise aluminium coins
(g) 10 paise aluminium coins
(h) Five rupee coins made of aluminium
Do bear in mind that even though they are being removed from circulation, they are still regarded as legal cash and can be used for transactions. These coins won’t be released for transactions once you deposit them with the bank. You will receive coins with a redesigned one for transactions.
The note shared at the ICICI Bank branch makes it clear that all coins in the denominations of 50 paise, Re 1, Rs 2, Rs 5, Rs 10 and Rs 20 of varied sizes, themes, and designs are periodically released by the government. These denominations continue to be legal tender. In a 2004 circular, the RBI instructed banks to remove old coins made of copper, nickel and aluminium — having a value of up to one rupee and submit them to mints for melting.
Be aware that as of the end of June 2011, the Government of India planned to remove all coins having a denomination of 25 paise or less from circulation. Following that, these coins were no longer accepted as legal currency for both payment and credit.
Read all the Latest Business News here
For all the latest business News Click Here
