NEWS ITEM:
Come June 30,2011, 50paise will be the minimum coin accepted in the markets as all denominations below it will cease to be legal curency. ""From this date, these coins (denominaion of 25ps and below) shall cease to be a legal tender for payment as well as on acount,"" the Finance Ministry said on Wednesday 29th Dece.,2011. The minimum denomination oin acceptable for transaction will be 50 paise fromthat date.
Also, the entries in books of accounts, pricing of produts, services and taxes should be rounded off to 50 paise or whole rupee fom that date. "The pocedure for call in shall be notified separately by the Reserve Bankof India" - PTI
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