Fwd: Re Issue of One Rupee Notes
gabbita prasad
From: Ramineni Bhaskarendra Rao <bhask...@gmail.com>
Date: Sun, Jan 4, 2015 at 10:26 PM
Subject: Re Issue of One Rupee Notes
To:
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First One Rupee Note was issued in India on 30th November 1917. The fall in the availability of metal coins and increase in value of the metal during the First World War forced the Government to issue paper currency for One Rupee also
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A new One Rupee Note with new design was issued on 24th July 1940 with 1935 date
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Another new design note with George VI image was issued in 1944 and withdrawn on 27th October 1957
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A new design rupee with KRK Menon's signature was issued on 12th August 1949 The same design with KG Ambegonker was released on 5th June 1950 |
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KG Ambegonker's signature appeared in another new design released on 25th January 1952
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On 2nd November 1953 another new design with KG Ambegonker's Signature was issued. KG Ambegonker is the only secretary credited with issue of rupee notes with three different designs.
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On 25th September 1963 another new design introduced with LK Jha's signature
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On 21st January 1966 a new design with S. Bhoothalingam's signature was released (S. Bhoothalingam was sub-collector of Madanapalle in1937.
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From 1981 to March 1994 the design was not changed but with only shade variations the notes were issued and the issue of one rupee was discontinued in March 1994
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Signatures of various Finance Secretaries appeared on one rupee Notes |
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2 decades on, Re 1 notes set to make a comeback
Instead of the familiar indigo, the new Re 1 notes will be predominantly pink-green on the front and back in
"It contains the words 'Bharat Sarkar' above the words 'Government of India' with the year 2015 on the
Other currency notes have RBI printed on them.
Over the last few years, the government and the RBI have focused on coins for smaller denominations and discontinued
The 1935 Rupee One is the only note with Serial Number on the reverse.
Read this in Hindi: फिर से चलन में आएगा 1 रुपये का नोट
Government of India can print Re 1 note: Law Ministry
PTI
Putting to rest the debate on printing of one rupee notes, the Law Ministry has opined that the Government of India
has all the powers to print currency notes of this denomination.
While the Reserve Bank of India (RBI) has the authority to issue bank notes of denominational values of Rs. 2, Rs. 5,
Rs. 10, Rs. 20, Rs. 50, Rs. 100, Rs. 500, Rs. 1,000, Rs. 5,000 and Rs. 10,000, the one rupee note was printed and
issued by the central government.
The Government of India also has the sole right to mint coins of all denominations.
However, since the RBI was of the view that with the repeal of Section 2 of the Currency Ordinance, the Government
of India is not empowered to issue note of denominational value of one rupee, the law ministry opinion was taken.
The Law Ministry in its opinion stated that the Coinage Act of 2011, which consolidates the laws relating to coinage and
the mints, does not bar the Government of India from printing one rupee notes.
Section 4 of the Act provides that the central government may authorise minting of coin of denomination not higher than
Rs. 1,000, it said, adding that the definition of coin in the Act makes it clear that Government of India one rupee note is
included in the definition of coin.
The Act defines a coin as “made of any metal or any other material stamped by the Government or any other authority
empowered by the Government in this behalf and which is a legal tender including commemorative coin and Government
of India one rupee note,” the ministry said in its opinion.
“Further, apart from the metal, the coin may be made of any other material,” it said.
The ministry said while repealing the Currency Ordinance, 1940, “necessary provisions for inclusion of Government of India
one rupee note within the meaning of ‘Coin’ have been consciously incorporated in the Coinage Act, 2011. Further, the RBI,
as per Section 24(1) of the RBI Act, 1934, is not empowered to issue bank note of denomination of value of one rupee.”
“Central government is not precluded to issue one rupee Government of India note under the Coinage Act, 2011. The
dimension, design, material and standard weight of such One Rupee Note have to be prescribed by the Central Government
in terms of Section 4 and 5 of the Coinage Act, 2011,” the opinion said.
The printing of notes in the denominations of Re. 1 and Rs. 2 has been discontinued as these denominations have been
coinised. However, such notes issued earlier are still in circulation.
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