No it cannot, the minimum is 1 if you choose absolute or 20 if you choose ticks. Just updated on the post.
If you want to mention in paise, use ticks. Note 1 absolute point = 20 ticks (for a share with minimum tick value of 0.05)
If you want to mention 0.75 rupees, you need to choose Ticks as selection method and choose 15 as number of ticks. This is equivalent to 0.75 in absolute scale. But in absolute scale it will take only integers like 1,2,3 etc. you cannot 0.5, 0.75 decimal numbers.
P.S: I think 5 paise is minimum tick value, In question you have mentioned 0.75 paise, I am assuming you are talking about 75 paise or 0.75 rupees.