Coins below 50 paise will lose currency from 2011 June 30

Come June 30, 2011, 50 paise will be the minimum coin accepted in the markets as all denominations below it will cease to be legal currency, the Finance Ministry said on Wednesday. The entries in books of accounts, pricing of products, services and taxes should be rounded off to 50 paise or whole rupee from that date. “The procedure for call in shall be notified separately by the Reserve Bank of India.”