These days you neither give (may not have it) nor expect to receive back in change 25 paise (*), 50 paise or at times a 1 rupee coin. These are all 'naya paise'. I don't recall seeing the 25 p coin at all in the past year. The 1 paisa, 2 paise, 3 paise, 5 paise, 10 paise and 20 paise coins have all become history in the past 10 years. I think the others (except 1 rupee coin) will be history in 2 years. Calculations will be done using the two decimals but eventually this will be rounded up or truncated down to the nearest rupee. This is happening already in many billing calculations.
What I expect is that the decimals in the Indian rupee will need to be dropped off in 3-5 years. The rupee will be the base and lowest unit then.
(*) For those who have not seen the paisa/paise coins check the RBI Coin Museum online (scroll towards the end)
http://www.rbi.org.in/currency/museum/c-rep.html
What I expect is that the decimals in the Indian rupee will need to be dropped off in 3-5 years. The rupee will be the base and lowest unit then.
(*) For those who have not seen the paisa/paise coins check the RBI Coin Museum online (scroll towards the end)
http://www.rbi.org.in/currency/museum/c-rep.html
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