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| Banks asked to maintain small coin depots | | | EARLY TIMES REPORT
Jammu , Feb 11: The Reserve Bank of India has instructed the banks maintaining small coin depots to arrange for exchange of coins of denomination of 25 paise and below for their face value at their branches. Members can exchange small denomination coins at any branch of these banks. Exchange facility will also be available at all Issue Offices of the Reserve Bank. The coins will be exchanged at the branches of these banks/offices of the Reserve Bank till the close of business on June 292011.
Coins of denomination of 25 paise and below will not be accepted for exchange at the bank branches from June 30 onwards.
It may be recalled that in exercise of powers conferred by Section 15A of the Coinage Act, 1906(3 of 1906), the Government of India, has decided to withdraw the coins of denomination of 25 paise and below from circulation with effect from June 30. From this date, these coins shall cease to be a legal tender for payment as well as on account.
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