After several months of speculative talk doing the rounds and government's consideration of the rising prices of coin metal, finally it has been decided to 25 paise coins or Chavanni. RBI hasnotified that as of June 30, 2011, the coin would no longer be used in legal tender. These would not be accepted for exchange at bank branches from Friday.
50 paise is now the lowest denomination coin in the market. Other existing coins are Rs.1, Rs.2, Rs.5 and Rs.10.
For people yesterday was some last-minute rush to the nearby banks with little bags of 25 paise coins to be exchanged at face value.
For the last several months various stores and companies had stopped accepting 25 paise coins ever since the news came in the market and after the initial notification stores mainly practices the round off bill to the nearest rupee.
There are people who are saddened by this ‘demise’ of 25 paise coins. One of them is Jain community. For them 25 paise coins are more precious than any other denomination. For every auspicious occasion Jains place Rs 1.25 in the puja thali. Every family keeps 25 paise coins and use them.
25 paise or chavanni first came in the market in 1950 as ¼ annas and in 1957 it became first decimal issue as 25 paise coin. Now it is officially dead on 30th June, 2011.
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