Another major choice following demonetisation, demonetisation?
The bank will not give you the same coin back.
In 2016, the central government implemented demonetization. As a result, 500 and 1000 rupee notes were taken out of circulation. The bank, however, replaced these notes with new notes. After this, coins will be prohibited. This is good news if you have 1 rupee and 8 annas coins. According to media sources, 1 rupee and 50 paise coins can be deposited at the bank. However, you will not receive the same coin back from the bank, but rather a new one. (According to the icici bak notification, after demonetization, 50 paise and 1 rupee old coins may no longer be in circulation.)
The 1 rupee and 8 annas coins consisting of copper and nickel (metals equivalent to silver) will be phased out, according to numerous media reports. According to the media source, this information was made public through a notice posted in an ICICI BANK branch. Meanwhile, no formal information has been provided by the RBI.
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ICICI Bank in New Delhi has put this notification. As a result, some coins should not be reintroduced into circulation. This means that once the old coins are deposited in the bank, the bank will not lend them to anyone. The Reserve Bank of India will collect these coins from all banks.
As a result, these old coins will no longer be in circulation. These coins are legal tender. They will, however, be out of business. These coins date from the 1990s and 2000s. Such coins will not be re-issued as per the notice given by the bank and as per direction of RBI.
