Vijay (Sr. Exec.) 03 March 2009

RBI Press release Press Release: 2005-2006/537 for accepting Coins of 25 P

As per Press Release: 2005-2006/537 issued by RBI, Coins of 25P are valid & can be accepted by bankers. it is found that even showing this press release, Banks like SBI also not ready to accept coins of 25P. The bank demands coins of Rs. 500 in one set. & bankers are not ready to give the same in writing then what to do? is there any other procedure to deposit the coins. I have the coins of Rs. 120/- + Odd figure.

Please suggest if any other letest circular is there in this regards.

Vijay Marathe

9423231374 / 020 40122092

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2 Replies

PALNITKAR V.V. (Lawyer) 05 March 2009

I also have some coins of 25P but the banks are not accepting.

Y V Vishweshwar Rao (Advocate ) 06 April 2009

Once I presnetd the coins in the Bnak , the Bnak counter staff advised me to give the Coins to a Trader who is near to the Bank and collect the notes ,The trader will collect up to worth of Rs;- 500-00/ or more and deposit the same in the bank and he will get the Notes from the Bank .