BANKING AFFAIRS

Detailed explanation-1: -Coins of denomination of 25 paise and below will cease to be legal tender from June 30, 2011. These will not be accepted for exchange at bank branches and RBI Issue Offices from June 30, 2011.

Detailed explanation-2: -Introduction and Demonetization On June 30, 2011, the 25 paisa and all lower denomination coins were officially demonetized.

Detailed explanation-3: -An Act to consolidate the laws relating to coinage and the Mints, the protection of coinage and to provide for the prohibition of melting or destruction of coins and prohibit the making or the possession thereof for issue and for matters connected therewith or incidental thereto.