Is 50 paise coin banned in India?

50 Paisa coin is still a legal tender in India, but is rarely seen in circulation in present days. However, coins of denomination of 25 paise and less have already been banned to be legal tender from June 30, 2011.

What is the value of 50 paise coin now?

Collectors of old notes and coins are willing to pay exorbitant prices to obtain old coins issued by the Reserve Bank of India (RBI). An old 50 paise coin, for example, is currently selling online for up to Rs 1 lakh.

When was 20paise banned?

Series IV 1988 Onwards. In Series IV, 5 paisa and 20 paisa coins were discontinued though they continued to be minted in Series III till 1994 and 1997 respectively.

Does RBI mint coins?

Coins are minted at the four India Government Mints at Mumbai, Alipore(Kolkata), Saifabad(Hyderabad), Cherlapally (Hyderabad) and NOIDA (UP). The coins are issued for circulation only through the Reserve Bank in terms of the RBI Act.

Are 50 paise coins still legal to use?

Although the government has slowed down fresh minting of the coin for some years, a central bank official said that 50 paise coins continue to be legal tender. RBI offices continue to accept coins for exchange into bank notes.

Is 25 paise coin being phased out in India?

In 2011, the Reserve Bank of India (RBI) phased out the 25 paise coin, more popularly known as “chaar anna”. A raddiwallah in Bandra’s Pali Market, in fact, offered to pay Rs 30 for a kilo of 50 paise coins.

What is the role of RBI in the distribution of coins?

In respect of coins, the role of RBI is limited to distribution of coins that are supplied by Government of India. The Government of India is responsible for the designing and minting of coins in various denominations as per the Coinage Act, 2011. 7. Where can one find information regarding notes/coins supplied by RBI or currently in circulation?

Is it illegal to decline a coin in India?

Although it is illegal to decline a coin still in circulation, the public seem to have made up it mind. The raging inflation has made it virtually worthless. In 2011, the Reserve Bank of India (RBI) phased out the 25 paise coin, more popularly known as “chaar anna”.