March 26, 2023

New Delhi. If you also have coins of 1 rupee and 50 paise, then this news can be of your use. According to media reports, if you want to deposit 1 rupee and 50 paise coins in the bank, you can easily deposit them in the bank without any hassle. But once the old coins are deposited, the banks will not give those coins back, instead you will be given new coins or notes.

It has been said in different media reports that the cupronickel (copper-nickel) 1 rupee and 50 paise coins will be out of circulation. In those media reports, this information has been published quoting a written notice at any branch of ICICI Bank. However, till the time of writing this news, we have not received any official notification from the Reserve Bank of India.

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Notice regarding coins in a branch of ICICI Bank
According to a notice put up by a branch of ICICI Bank located in New Delhi area, some coins are not allowed to be reissued. This means that once deposited with the bank, they will not be reissued by the bank. These coins will be taken back from the respective banks by the central bank.

These coins are not illegal
However, this only means that such coins will not be legal tender. These coins are legal tender, but they are being taken out of circulation. Actually, these are old coins and were in common use in the 1990s and early 2000s. According to the notice issued by the bank, the following coins will not be issued again under the instructions of RBI –

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1. Cupronickel coins of Re 1
2. Cupronickel coins of 50 paise
3. Cupronickel coins of 25 paise
4. Stainless steel coins of 10 paise
5. Aluminum bronze coins of 10 paise
6. Aluminum coins of 20 paise
7. Aluminum coins of 10 paise
8. Aluminum coins of 5 paise

Tags: RBI, reserve bank of india

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