Withdrawal of coins of Rs.1, 2, 5 and 10 from circulation
365 Shri Naresh Agrawal
Will the Minister of FINANCE be pleased to state :-
(a) whether it is a fact that Government has taken any decision to withdraw the coins of Rs. 1, 2, 5 and 10 from circulation;
(b) if not, the reasons therefor as these coins are not being accepted in many states; and
(c) if not, whether Government would make any announcement in this regard at the earliest, so as to clear doubt persisting among the people?
(a) : No, Sir.
(b)& (C): At present coins of Rs. 1,2,5, 10 denomination are widely circulated in the market in addition to the small denomination coin of 50 paisa, all of which are legal tender. As regards to the reluctance on part of some people to accept coins in certain denominations in certain areas, Reserve Bank of India vide its Press Release dated November 20, 2016 has explained that coins in various new designs are introduced from time to time, to reflect various economic, social and cultural themes. As the coins remain in circulation for long, usually coins of different designs and even shapes are in circulation at the same time.
Source : Rajya Sabha