NEW DELHI: Wednesday was the last date to exchange your 25 paise coins with the banks. Starting July, the humble 25 paisa will no longer be accepted as a legal tender anywhere.
"We used to get many things with 25 paise," said two ladies. "Used to eat paan and all...It had value at that time," said an older man.
But for today's generation, 25 paise can hardly buy them any thing. Even the cheapest mint cost a rupee.
Starting first July even if you have hordes of 25 paises in your piggy banks, they will just be a piece of metal unless you are an avid coin collector. From July, 50 paise will the smallest denomination of currency that will be accepted.
The Finance ministry said the rise in metal prices, drastic fall in usage and high inflation has rendered the humble coin useless. Despite discontinuing its production since 2002, the coin has been in circulation. From Thursday, it will roll into history.
Ironically, the value of the metal exceeds face value denomination of the 25 paise coin, also called 'chaar anna' or 'chawani'. As a result, the 25 paise also joins the 1, 2, 3, 5, 10, and 20 paise coins that have been phased out so far.
-Mike sangma