New Delhi: If you have collected coins of 1 rupee and 50 paise, then there is necessary news for you. In fact, the country's second-largest private bank has pasted a notice outside a branch in Delhi that if you have some special types of 1 rupee and 50 paise coins, then they will not be reissued after depositing them in the bank. According to a notice put up by an ICICI Bank branch, re-issuance of certain coins is not allowed.
This means that once deposited in the bank, they will not be reissued by the bank. These coins will be withdrawn from the respective banks by the Reserve Bank of India (RBI). According to media reports, these coins are legally valid, but these coins are now being taken out of circulation because these coins are now very old. These coins were used among the common people in the 1990s and early 2000s, but now these coins will not be used. These coins are not meant for re-issuance under RBI's instructions.
Which are these coins:-
1- 1 rupee cupronickel coins 2- 50 paise cupronickel coins 3- 25 paise cupronickel coins 4- 10 paise stainless steel coins 5- 10 paise aluminum bronze coins 6- 20 paise aluminium coins 7- 10 paise aluminium coins 8- 5 paise aluminium coins
According to rbi guidelines, these old coins are definitely being taken out of circulation, but they can be used for transactions, that is, they are still considered legal. Once you deposit these coins in the bank, they will not be issued back for the transaction, but you will be provided with new design coins for the purpose of the transaction.
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