RBI to Restart Printing One Rupee Notes

The RBI, after a long break of around two decades, will soon be putting the one rupee note in circulation again. Around 20 years ago the publication of one rupee note was cancelled. The Reserve Bank of India, in a release, said that as per the provision of the Coinage Act 2011 those currency notes are the legal tender. In this denomination in circulation, the prevailing currency notes would also persist being the legal tender. Coins of one rupee, at the present, are monetized. The RBI mentioned that the latest currency notes will predominantly be pink green on front and the back will be in combination with different colours. The Reserve Bank mentioned that the RBI, in the near future, will put in circulation the currency notes in denomination of one rupee. The printing of the currency notes will be carried out by the Government of India. The note of one rupee will have the signature of the Finance Secretary dissimilar to the other currency notes which carries the signature of the RBI Governor. The coin of one rupee or the note is circulated by the Indian Government.

The publication of the one rupee note, in November 1994, was mainly cancelled because of the higher cost and due to the capacity liberation to print the currency notes having higher denomination. In 1995, the printing of the notes of five and two rupee were also cancelled. Only the coins, since then, have been circulated for these denominations. The older notes are however in circulation and will remain as the legal tender. The other notes i.e. paper currency presently being printed are the notes of Rs 1000, Rs 500, Rs 100, Rs 50, Rs 20, Rs 10.

RBI Official Press Release: View

About Reserve Bank of India

The Reserve Bank of India is India’s Central Banking Institution, which controls the Monetary Policy of the Indian Rupee. It commenced its operations on 1 April 1935 during the British Rule in accordance with the provisions of the Reserve Bank of India Act, 1934. The original share capital was divided into shares of 100 each fully paid, which were initially owned entirely by private shareholders. Following India’s independence on 15 – August – 1947, the RBI was nationalised in the year of 1 January 1949. Read more on Wikipedia.