Exchange of low denomination coins

The Reserve Bank of India (RBI) has asked the public to exchange coins of one, two and three paise denomination, which were withdrawn from circulation since September 1981, from any of the public sector banks.

Holders of these low denomination coins can exchange the same with the controlling officers of all public sector banks. Since their withdrawal, the public has found it difficult to exchange them in the open market and this has led to this initiative from the RBI. The coins of 5, 10, 20 and 25 paise denomination have not been withdrawn and, therefore, continue to be legal tender. -- BL Research Bureau