It is not just the 25 paise coin that has been demonetised from June 30. Coins of denominations 1,2,3,5,10 and 20 paise have also been withdrawn from June 30. These coins were introduced in April 1957 when the decimal system was adopted and the rupee was divided into 100 paise. Before the decimal system, the rupee was divided into annas with one anna having a value of 6.25 paise. There were also micro denominations like damidi, the value of which was around half a paise and one kani or pice which was valued at around 1.56 paise. Chartered accountant S Srinivasan from Matunga remembers that one Damidi could buy a bunch of green masala in 1945.
The demonetisation of all coins of denomination of 25 paise and below is the first after the anna coins were withdrawn in 1957. A Reserve Bank of India (RBI) spokesperson in Mumbai said that while the production of 1,2,3,5,10 and 20 paise had stopped some time back after the denominations lost value, they were never demonetised. Till June 29, people could exchange the demonetised coins at bank branches having a small coin depot or at RBI offices.
For those who remember the value these coins had the phasing away of the denominations bring about some nostalgia. Graciano Monteiro, a resident of Dadar, still has a few coins of 5 and 10 paise in his wallet. "A bus ride from Dharampur, my home village in Goa to Madgaon, which was 4 kilometres away cost 25 paise in 1940. That was a lot of money and we usually travelled by a bicycle," said Monteiro who is now 82 years of age.
But others are not so nostalgic. Srinivasan said that given the inflation, it was obvious that the coins will be withdrawn. "We have to move on. Change is inevitable," he said.
The demonetisation of all coins of denomination of 25 paise and below is the first after the anna coins were withdrawn in 1957. A Reserve Bank of India (RBI) spokesperson in Mumbai said that while the production of 1,2,3,5,10 and 20 paise had stopped some time back after the denominations lost value, they were never demonetised. Till June 29, people could exchange the demonetised coins at bank branches having a small coin depot or at RBI offices.
For those who remember the value these coins had the phasing away of the denominations bring about some nostalgia. Graciano Monteiro, a resident of Dadar, still has a few coins of 5 and 10 paise in his wallet. "A bus ride from Dharampur, my home village in Goa to Madgaon, which was 4 kilometres away cost 25 paise in 1940. That was a lot of money and we usually travelled by a bicycle," said Monteiro who is now 82 years of age.
But others are not so nostalgic. Srinivasan said that given the inflation, it was obvious that the coins will be withdrawn. "We have to move on. Change is inevitable," he said.
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