End of 25 paise coin
When the banks closed on June 29, the 25 paise coin was laid to rest, officially. But the demise of the little four-anna coin wasn't sudden. Several months ago, taking into consideration the rising prices of coin metal, the government decided that minting the 25 paise coins is really not 'paisa vasool', and issued a notification that as of June 30, 2011, the coin would no longer be used in legal tender.
Wednesday saw a last-minute rush at the Cathedral Road branch of Indian Overseas Bank, when a dozen people came in with little bags of 25 paise coins to be exchanged at face value. "People have been coming in the whole month but on Wednesday, before we closed for the day, we exchanged Rs 275 in 25 paise coins (1,100 coins)," said senior branch manager Ganesh K.
Smaller stores in the city have been refusing to accept the coins for several months now, ever since the initial notification. "We round off the bill to the nearest rupee," says J Hariharan, manager at Indrani Stores in Saidapet. '
However, the Jain community is still holding on to it in spirit. "In our community, for every auspicious occasion we place Rs 1.25 in the puja thali. Every family keeps a good supply of 25 paise coins because we keep using them. These coins are more precious than any other denomination," said Hemanth Kumar, vice president of the Madras Coin Society.
Source:Times of India
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