Friday, 31 December 2010

25 Paisa Coins will be vanished to history

Finance Ministry decided to stop 25 paisa coins. Earlier 10 paisa coins have been withdrawn by the Finance Ministry. 50 Paisa will get the status of the minimum coin and all other smaller denominations will cease to be legal currency.

On Thursday the Finance Ministry issued a statement and the statement revealed the decision to withdraw 25 paisa and other smaller denominations shall cease to be a legal tender for payment as well as on account and further said that the minimum denomination coin acceptable for transaction will be 50 paise. This will happen from the coming June 30.

The entries in the books of accounts, pricing of products, services and taxes should be rounded off to 50 paise or whole rupee from that date.

Hope that the decision of withdrawing coins of smaller denominations will be welcomed by general public.

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