Hi dear ones,
I am always called “SCEPTICAL = A person who doubts accepted (not established) opinions “; that means I always try to look at the other side of the frame also.
So when I read & saw the news with headlines like –
‘ Demise of 25 Paise coin’,
‘ 25 Paise coin to vanish ‘,
’25 paise coin to biscontinue’,
’25 paise coin to be History’
I was shocked !!!
You may ask why? I also asked myself why r u shocked Mr. koltey? When was the last time you bought something for 25 paise ?
Yesssssssss !! it was a long time ago !!
Here are some points i have taken out for you –
India has been one of the earliest issuers of coins in the world since the 6th Century BC.
India introduced distinctive coins on August 15, 1950. Indian coins are known for their diversity in terms of minting techniques, motifs, sizes, shapes and metals used.
The 25 paise coin was introduced in 1957 when RBI switched over to the decimal system from the Anna system. In 1988, stainless steel coins of 25 paise denomination were issued for the first time.
When was the last time you saw 25 paise coins or you have done any transaction using 25 paise coins?
Govt gives following reasons to make 25 Paise obsolete:
Due to increase in prices of all commodities 25 paise has become irrelevant.
Rise in metal prices and a drastic fall in usage are said to be the reasons for discontinuing the lower denominated coins
Does it affect our national economy? As well as our personal pockets?
- If something costs Rs.1.25, it now has to round up to either 1:00 or 1:50. I am wondering who is going to take the burden for that “missing” 25 paisa. I know very little about economics but isn’t it somehow going to affect the sales tax? Why UK & USA or Developed Countries for that matter are so serious about returning even a penny for a purchase, although there is almost no value of a penny as it is.
- Well all the price set by the government in India are not an absolute round figure, for example petrol prices in India costs 66.32. Please note the 32 paise; do we have 1 paisa or 5 paise or 10 paise coins in use in India?No!!
Then why are these prices in paise? If anyone gets 1 ltr petrol he will pay 64 rupees and not an absolute 66.32 as the price is, this money will then eventually come to government, which will smartly take away the 68 paise and leave 66.32 in the account,.
So who is pocketing these 68 Paise???
- If government is phasing out 25 paise means, govt is sure that there will be no reduction in prices of everything and this is really a bad sign. Govt might have thought, now a days the cost is growing and will never come down, then who will use 25 paise? Let’s phase out 25 paise and concentrate on increasing the cost of everything. Already the fuel prize is high from 20-25Rs to 70Rs!!!!!!!! And govt will never bring it back to the old price……….
- WE HAVE BECOME AN IRRESPONSIBLE NATION This is a nation of atrocious behavior and policy. On what basis did reserve bank decided to do away with 25paise coin. They must realize the India is a trillion dollar economy but Indians are still dying of hunger and malnutrition. The examples of Rickshaw puller and state transport bus tickets are there and 1000s of such examples are there. This country is fast being thrown to dogs.
India is rich Indians are not.