Cupronickel Re 1, 50 paise coins going out of circulation? All you need to know
According to the official notification by ICICI Bank branch, some coins cannot be reused under RBI regulations. These include Cupronickle coins of some denominations
Representational image. Moneycontrol
If you have some Re 1 or 50 coins, you might want to give them another look and see if they are made of cupronickel. As per a notice issued by ICICI Bank branch in a locality of New Delhi, some coins are not allowed for re-issuance. It should be noted that this doesn’t mean that these coins are not legal tender. These coins can still be used as legal cash for doing transactions. But once they are deposited into the bank, they cannot be issued again. The Reserve Bank of India (RBI) will just take these back from the concerned banks. These coins are just being removed from circulation because they are outdated and were commonly used in the 1990s and the early 2000s.
So, you should check if the coins that you currently have fall in the category of such coins or not.
According to the official notification by ICICI Bank branch, these coins cannot be reused under RBI regulations:
- Re 1 Cupronickel (copper-nickel) coins
- Cupronickel coins of denomination 25 paise
- Cupronickel coins of denomination 50 paise
- Aluminium bronze coins of denomination 10 paise
- Aluminium coins of denomination 20 paise
- Aluminium coins of denomination 10 paise
- Aluminium coins of Rs 5 denomination
- Stainless steel coins of denomination 10 paise
In 2004, the RBI ordered banks to remove these old coins made of nickel, copper, and aluminium and submit them to mints for melting. The Government of India decided to remove all coins with denomination of 25 paise or less from the circulation at the end of 2011. After this, these coins were not accepted as legal currency anymore for both payment and credit.
In its circular regarding the facility of exchange of notes and coins on 1 April 2021, the RBI told bank branches that it is preferable to accept coins, especially in the denominations of Re 1 and Rs 2 “by weighment”. It added that however, it would be perhaps more convenient for cashiers and customers to accept coins packed in sachets of 100 each. As per the RBI, such sachets can be kept at the counters and made available to customers by the bank branches.
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