The Economic Times

US Congress advances penny phaseout bill: What it means for you, the rounding rules, and how cash transactions could change

Congress is moving to end the production of one-cent coins for general circulation. The proposed Common Cents Act allows retailers to round cash transactions. Cash totals will be rounded to the nearest five cents when exact change is unavailable. This legislation permits retailers to round in favor of the customer. Electronic and card payments will continue to be charged at the exact amount.