What changed
RBI partially modified its earlier circular of March 15, 2011, advising that the exchange deadline for 25 paise and below coins is June 29, 2011 instead of June 30, 2011 as previously advised. After this date, these coins will no longer be legal tender.
What it means for you
Urban co-operative banks need to update their internal systems and customer communications to reflect the corrected deadline. This one-day shift ensures operational alignment with RBI's closure schedule. Banks must continue accepting these coins for exchange until the new date.
What you must do
- Update all branch circulars and notices to show June 29, 2011 as the final exchange date
- Inform customers through counters and local announcements about the revised deadline
- Ensure exchange counters remain operational on June 29, 2011 to handle last-minute submissions
- Coordinate with RBI regional office for acknowledgment of receipt of this circular
Who it affects
All Primary Urban Co-operative Banks, Customers holding 25 paise and lower denomination coins, RBI regional offices handling coin exchange
Why was the deadline changed from June 30 to June 29?
RBI issued a partial modification to align the exchange closure with operational requirements, likely to avoid a weekend or holiday overlap. The exact reason is not specified in the circular.
What happens to coins not exchanged by June 29, 2011?
After June 29, 2011, 25 paise and lower denomination coins will cease to be legal tender and cannot be used for transactions or exchanged at banks or RBI offices.
Do urban co-operative banks need to acknowledge this circular?
Yes, the circular instructs UCBs to acknowledge receipt to the respective RBI regional office.