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EXCLUSIVE


THESE RE 1, 50 PAISE COINS ARE GOING OUT OF CIRCULATION

The ICICI Bank has put up a notice outside their bank branch informing customers
that certain coins of denomination of Re 1 or 50 paise are going out of
circulation and will not be issued again for the purpose of transactions. Read
on to know more about it.

 * Preeti Motiani
 * ET Online
 * November 29, 2022, 11:53 IST

 * 
 * 
 * 
 * 
 * 
 * 
 * 
 * 

If you have Re 1 and 50 paise coins, then you should check to see if they are
the cupronickel (copper-nickel) coins shown below. This is because as per a
notice put up by an ICICI Bank branch in a New Delhi locality, certain coins are
not allowed to be re-issued. This means that once these are deposited into the
bank, they will not be issued by the bank again. These coins will just be taken
back by the Reserve Bank of India (RBI) from the concerned banks

However, this does not mean that such coins are not legal tender. These coins
are legal tender, but these are being taken out of circulation as they are old
coins and were in common use in 1990s and early 2000s

As per the ICICI Bank branch notice, the following coins are not for re-issue
under RBI directives:
a) Cupronickel coins of Re 1
b) Cupronickel coins of 50 paise
c) Cupronickel coins of 25 paise
d) Stainless steel coins of 10 paise
e) Aluminium bronze coins of 10 paise
f) Aluminium coins of 20 paise
g) Aluminium coins of 10 paise
h) Aluminium coins of 5 paise



What do these Re 1 and 50 paise cupronickel coins look like?
Source: RBI website

Are these coins still legal tender?
Do keep in mind that although they are being taken out of circulation, they can
be used for transactions, i.e., are still considered as legal tender. Once you
deposit these coins with the bank, they will not be issued again for
transactions. You will get coins with new design for transaction purposes.

The ICICI Bank branch notice clarifies that all coins in denomination of 50
paise, Re 1, Rs 2, Rs 5, Rs 10 and Rs 20 of various sizes, theme and design
issued from time to time by the government continues to be legal tender.

In a 2004 circular, the RBI has directed banks that old coins of value up to Re
1/-, made from Cupro-nickel and Aluminium should be withdrawn and sent to Mints
for melting.

Do note that the Government of India decided to call in from circulation coins
of denomination of 25 paise and below with effect from end-June 2011.
Thereafter, these coins ceased to be legal tender for payment as well as on
account.


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EXCLUSIVE


SPECIAL DRTS TO DEAL WITH HIGH-VALUE CASES OF OVER RS 100 CRORE

High-value cases are just 1 per cent of the total cases but form 80 per cent of
value, making it imperative to set up such tribunals.

 * ETBFSI

Click Here to Read This Story
 * 
 * 
 * 
 * 
 * 
 * 
 * 
 * 

With high-value cases amounting to the majority of claims by value, the
government has designated special debt recovery tribunals (DRTs) for speedy
recovery in such cases.
The Finance Ministry has designated one Debts Recovery Tribunal (DRT) each in
Chennai, Delhi and Mumbai for speedy adjudication and recovery in high-value
cases of Rs 100 crore and above.
DRT 1 Mumbai will handle all applications involving a debt amount of Rs 100
crore and above falling under the jurisdiction of DRT 2 and 3 Mumbai, DRT Pune
and DRT 1, 2 and 3 Ahmedabad, DRT Aurangabad and DRT Nagpur, according to a
notification issued by the ministry.
DRT 2 Delhi will deal with high-value debt cases falling under the jurisdiction
of DRT 1 and 2 Delhi, DRT Jaipur and DRT 1, 2 and 3 Chandigarh.
DRT 1 Chennai will deal with all applications involving a debt of Rs 100 crore
and above falling under the jurisdiction of DRT 2 and 3 in Chennai, DRT Madurai,
DRT 1 and 2 Bengaluru, DRT 1 and 2 Ernakulam, and DRT Coimbatore.
As of February-end, there were 1,61,034 pending cases at the DRTs, with DRT 2
Chandigarh having the most (10,578 cases), followed by DRT 3 Chandigarh (8,885)
and DRT 3 Kolkata (7,171).
The tribunals have been designated after banks made a request to the government
for special DRTs to expedite recovery in high-value cases.
The recovery through DRT is around 4 per cent in the last two years, making it
imperative to set up such tribunals for speedy and higher recovery. High-value
cases are just 1 per cent of the total cases but form 80 per cent of value.


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