World of Coins

Adjacent hobbies => Collecting banknotes => Indian subcontinent => Topic started by: Bimat on December 26, 2014, 09:12:27 AM

Title: ₹1 Banknotes to Make Comeback in India
Post by: Bimat on December 26, 2014, 09:12:27 AM
After 20 years, ₹1 paper notes to make a comeback

SHISHIR SINHA

NEW DELHI, DECEMBER 25: 

One rupee may not buy you much today, yet the Government is keen to start printing ₹1 notes after a gap of almost two decades.

The Government has notified ‘Printing of One Rupee Currency Notes Rules, 2015’, which will come into effect from January 1, 2015. Due to higher cost and for freeing capacity to print higher denomination notes, printing ₹1 note was discontinued in November 1994, followed by ₹2 in February 1995, and ₹5 in November 1995. Since then, only coins have been issued for these denominations. However, old notes are still in circulation and remain legal tender.

As before, the new one rupee note will have the signature of the Finance Secretary. Apart from the one rupee note, all other paper currency (₹2, ₹5, ₹10, ₹20, ₹50, ₹100, ₹500 and ₹1,000) have the signature of the RBI Governor, as these are issued by the Reserve Bank of India, whereas ₹1 is issued by the Government of India.

The new ₹1 note will be different in terms of colour, too. It will be predominantly pink and green. Earlier, the ₹1 currency note had a predominantly indigo colour. Also, the new note will have ‘Bharat Sarkar’ on its masthead, with ‘Government of India’ printed below that. All other currencies have ‘Bhartiya Reserve Bank’ and ‘Reserve Bank of India’ printed on them. While the notification does not give any reason for resuming the printing of ₹1 notes, it is believed that reports of coin shortage and the rising incidence of melting coins might have prompted the move. The notification does not mention how many notes will be printed and issued.

In the last year of its printing, 44 million pieces of ₹1 notes were issued. Despite the RBI’s appeal to change these notes for coins, these are still in circulation. However, there is no current estimate of such notes in circulation.

According to the last official number in RBI’s Annual Report for the year ended June 2002, a total of 3,076 million pieces of ₹1 notes (value ₹308 crore) were in circulation at the end of March 2002.

Source: The Hindu (http://www.thehindubusinessline.com/industry-and-economy/banking/after-20-years-1-paper-notes-to-make-a-comeback/article6725397.ece)
Title: Re: ₹1 Banknotes to Make Comeback in India
Post by: Bimat on December 26, 2014, 09:16:08 AM
Strictly speaking, this is a foolish decision. Even the ₹10 banknotes have little value these days. Makes no sense at-all to reintroduce the ₹1 banknotes after 2 decades!

Aditya
Title: Re: ₹1 Banknotes to Make Comeback in India
Post by: asm on December 26, 2014, 11:22:49 AM
Read a comment of Fb that the notes with the signature of Arvind Mayaram were already printed before the Finance Secretary was changed. Hence the printed notes have not been put into circulation.

AMit
Title: Re: ₹1 Banknotes to Make Comeback in India
Post by: Bimat on December 26, 2014, 04:02:40 PM
Just read that the new ₹1 banknotes will have signature of Rajiv Maharshi (http://en.wikipedia.org/wiki/Rajiv_Mehrishi) who is the current finance secretary...

Aditya
Title: Re: ₹1 Banknotes to Make Comeback in India
Post by: Bimat on December 26, 2014, 04:04:00 PM
Read a comment of Fb that the notes with the signature of Arvind Mayaram were already printed before the Finance Secretary was changed. Hence the printed notes have not been put into circulation.

Wouldn't be surprised if some dealers get hold of those un-issued banknotes and make some money out of it... ::)

Aditya
Title: Re: ₹1 Banknotes to Make Comeback in India
Post by: Enlil on December 30, 2014, 12:55:27 AM
Well if issuing only banknotes works well for Laos, DR Congo, etc then why not India. It is probably a remedy for small coinage shortage I have heard about in India. But it would be better to reduce the coin sizes and issue higher denominations.
Title: Re: ₹1 Banknotes to Make Comeback in India
Post by: Pabitra on December 30, 2014, 04:47:15 AM
Wouldn't be surprised if some dealers get hold of those un-issued banknotes and make some money out of it... ::)

More than dealers, it is officials in security printing press and RBI, who will stand to gain.

Well if issuing only banknotes works well for Laos, DR Congo, etc then why not India. It is probably a remedy for small coinage shortage I have heard about in India. But it would be better to reduce the coin sizes and issue higher denominations.

It does work for countries who do not have mint, to rely on notes alone. By sheer economic sense, smaller denominations must be coins since they can withstand wear and tear better than paper or polymer notes.
You could add many other countries like Bhutan, Vietnam, Mongolia, Moldova, Myanmar etc. to that list.
Countries stopping some coins and replacing their coins with notes will include Nepal, Pakistan,  Malaysia, Oman etc.

Redesign of coins is in progress as indicated by RBI in their latest annual report on page 136.
Issue of higher denominations is a sensitive issue since it is tacit admission of inflation gone out of control. However, Rupees Twenty note seem to have been stopped for some time and coin issue appears to be only a matter of time, as far as India is concerned.
Title: Re: ₹1 Banknotes to Make Comeback in India
Post by: augsburger on December 30, 2014, 10:47:25 AM
China also has banknotes for most of the population, down to notes that are almost worthless. I collected so many and gave them to the blind guy who plays a traditional instrument while being herded through town by his wife. Only the east coast between Beijing and south of Shanghai really use coins.
Title: Re: ₹1 Banknotes to Make Comeback in India
Post by: Bimat on January 11, 2015, 08:11:34 AM
Apparently, ₹1 banknotes are not making any comeback. ::) I was told (by many dealers / collectors) yesterday that this is a rumor being spread by someone in Finance Ministry. One guy even had a theory that the news has been planted by someone who wants the market of old ₹1 banknote bundles to crash. ;D

Aditya
Title: Re: ₹1 Banknotes to Make Comeback in India
Post by: dheer on January 11, 2015, 08:46:33 AM
Well if its in newspaper, then either there is some credibility to it or someone highly placed is putting some false rumors
Title: Re: ₹1 Banknotes to Make Comeback in India
Post by: Bimat on February 14, 2015, 07:18:16 AM
RBI to bring back Re 1 note printed by govt

TNN | Feb 14, 2015, 01.22AM IST

MUMBAI: One-rupee currency notes, which the government had ceased printing in 1994, will soon be back in circulation. The RBI has said that it will soon make available notes of one rupee denomination — pink-green in colour — with the image of the oil exploration rig Sagar Samrat. Unlike other currency notes, which are printed by an arm of the RBI, the one-rupee note was always printed by the government as a substitute for the rupee coin under the Coinage Act. The move to issue one-rupee currency notes, despite the RBI ceasing printing of higher denomination notes of Rs 2 and Rs 5, appears to be a fallout of a clash of wills between the government and the central bank.

The RBI had earlier informed the government that with the repeal of Section 2 of the Currency Ordinance, the government no longer had the power to issue one-rupee notes. The government then sought an opinion from the law ministry which opined that the Coinage Act of 2011 did not bar the government from printing one-rupee notes.

In a statement issued here, the central bank said, "RBI will soon put in circulation currency notes in one-rupee denomination. The notes will be printed by the Government of India. These currency notes are legal tender as provided in The Coinage Act, 2011. The existing currency notes in this denomination in circulation will also continue to be legal tender."

The colour of the new one-rupee currency note will be predominantly pink-green on obverse and reverse, in combination with others. It will have an Ashoka Pillar in the window and a hidden numeral 1 in the centre. The reverse design will include the picture of 'Sagar Samrat' — the oil exploration platform and with the authentic rendering of the value in fifteen Indian languages and the year figure shown in the centre-bottom in international number.

Central banking sources said that low-value currency notes were replaced with coins because printing cost of these notes was higher than the value of the notes. Although minting coins is still more expensive, coins can last hundreds of years.

Source: Times of India (http://timesofindia.indiatimes.com/business/india-business/RBI-to-bring-back-Re-1-note-printed-by-govt/articleshow/46238818.cms)
Title: Re: ₹1 Banknotes to Make Comeback in India
Post by: cap493 on February 14, 2015, 02:06:40 PM
rbi press release
Title: Re: ₹1 Banknotes to Make Comeback in India
Post by: Bimat on February 14, 2015, 02:15:08 PM
Thank you for posting the official press release!

In my opinion, it's a foolish decision. Doesn't make any sense at all. Just wastage of taxpayers' money! >:(

Aditya
Title: Re: ₹1 Banknotes to Make Comeback in India
Post by: Pabitra on February 14, 2015, 03:24:33 PM
Counter intuitive shift of note-coin boundary.
Defies logic, common sense and financial wisdom.
Title: Re: ₹1 Banknotes to Make Comeback in India
Post by: Figleaf on February 14, 2015, 03:34:23 PM
It can be explained by the different perceptions of RBI and the responsible ministry (finance?) The ministry sees complaints about lack of small change and wants to do something about it. RBI thinks it's all nonsense. They may even have made twisted statements about their capacity to produce 1 rupee coins (likely to be loss-makers). This is a bureaucratic compromise. As usual with such compromises, it solves nothing and satisfies nobody.

Peter
Title: Re: ₹1 Banknotes to Make Comeback in India
Post by: Venkatesh A J on March 08, 2015, 12:47:04 PM
New one Rupee Note-2015
Title: Re: ₹1 Banknotes to Make Comeback in India
Post by: nomadbird on March 08, 2015, 02:21:27 PM
came out already:)
Title: Re: ₹1 Banknotes to Make Comeback in India
Post by: Pabitra on March 08, 2015, 03:28:22 PM
The life of note is less than two years.
The physical life of coin is 25 years but functional life is about 7 to 8 years in double digit inflation economy like India.
If existing 1 Rupee coin or denomination is expected to die its natural death in  less than 2 years, due to rising inflation then it makes sense to issue currency note.

This is usually done for lowest denomination.
In India, 50 paise is the lowest denomination and although the same was indented by MoF in 2014 as well as 2015, the mint did not produce it in 2014 and not likely to do so for 2015 too. Perhaps both 50 p and Re 1/- will be replaced by cheaper material coins or stopped altogether.

Usually, when it is done for higher denomination coins, it indicates that a new coin with lower cost is expected. It has been done for 5 Rupees by both Nepal and Pakistan in recent times.
Title: Re: ₹1 Banknotes to Make Comeback in India
Post by: dheer on March 09, 2015, 04:24:53 AM
good stuff ... let me see when I can get my hands on one of them ...
Title: ₹1 Banknotes to Make Comeback in India
Post by: Bimat on March 09, 2015, 10:52:04 AM
The color combination is indeed nice but it's still a foolish decision to print them. Scrap the ₹1 coins as well as notes!

Aditya
Title: Re: ₹1 Banknotes to Make Comeback in India
Post by: dheer on March 09, 2015, 12:39:26 PM
The color combination is indeed nice but it's still a foolish decision to print them. Scrap the ₹1 coins as well as notes!

Aditya

Couldn't agree more. At least the design could have been new rather than the old design.
Title: ₹1 Banknotes to Make Comeback in India
Post by: Bimat on March 11, 2015, 05:44:53 AM
This note has created quite some buzz. A couple of friends in my office (NOT collectors) were excited to hear this news. ;D One of them even told me to get a sample for him. :o

Aditya
Title: Re: ₹1 Banknotes to Make Comeback in India
Post by: dheer on March 11, 2015, 08:43:54 AM
get a sample for him.

Aditya

sample  >:D >:D >:D
Title: ₹1 Banknotes to Make Comeback in India
Post by: Bimat on March 11, 2015, 09:08:00 AM
Yeah, a sample. >:D

He wants to have a b'day ₹1 note for his daughter and anniversary note for his wife. I promised him to get them next month at Shukla Day Coin Fair... :)

Aditya
Title: Re: ₹1 Banknotes to Make Comeback in India
Post by: Dux on March 16, 2015, 08:53:32 AM
http://articles.economictimes.indiatimes.com/2015-03-09/news/59931923_1_notes-legal-tender-the-coinage-act-2011
Title: Re: ₹1 Banknotes to Make Comeback in India
Post by: dheer on March 16, 2015, 10:36:59 AM
http://articles.economictimes.indiatimes.com/2015-03-09/news/59931923_1_notes-legal-tender-the-coinage-act-2011
The article mentions "Printing of Rs 2 and Rs 5 notes too were discontinued in 1995. Since then, only coins have been issued for these denominations."

Quite incorrect. The Rs 5 was still being printed till 2011 I guess  :)
Looks like even Times of India is loosing standards and just printing whatever they like, anyone who's done proof reading would have noticed this error.
Title: ₹1 Banknotes to Make Comeback in India
Post by: Bimat on March 16, 2015, 10:40:43 AM
Looks like even Times of India is loosing standards and just printing whatever they like, anyone who's done proof reading would have noticed this error.

No wonder many people call it 'Toilet Paper of India'. >:D

Aditya
Title: ₹1 Banknotes to Make Comeback in India
Post by: Bimat on April 20, 2015, 06:32:59 AM
The new ₹1 banknotes are yet to reach hands of dealers. I have been informed that they haven't been printed in large numbers.

Aditya
Title: Re: ₹1 Banknotes to Make Comeback in India
Post by: dheer on April 20, 2015, 08:17:13 AM
The new ₹1 banknotes are yet to reach hands of dealers. I have been informed that they haven't been printed in large numbers.

Aditya

Humm already a rare item ... :)
Title: ₹1 Banknotes to Make Comeback in India
Post by: Bimat on May 10, 2015, 02:14:08 PM
No plans to introduce Rs 15 currency notes: Govt

15:48 HRS IST

New Delhi, May 8 (PTI)

[...]

The Minister, however, said that the government had already announced to print Rs 1 note again from January 1.

"Accordingly, government had decided to print 150 million One Rupee notes per annum," Sinha said.

[...]

Source: PTI News (http://www.ptinews.com/news/6007830_No-plans-to-introduce-Rs-15-currency-notes--Govt-.html)
Title: Re: ₹1 Banknotes to Make Comeback in India
Post by: dheer on May 11, 2015, 05:50:34 AM
Still havent got hold of Rs 1 note yet.
Title: Re: ₹1 Banknotes to Make Comeback in India
Post by: dsuramou on May 11, 2015, 04:41:37 PM
Are these into circulation already? I still did not had chance to sight even one!


Rgds
Title: Re: ₹1 Banknotes to Make Comeback in India
Post by: Pabitra on May 11, 2015, 05:15:46 PM
Seen one. Seller was looking for 2000 times the face value.
Did not give permission to photo?
Title: Re: ₹1 Banknotes to Make Comeback in India
Post by: yougotmi on May 14, 2015, 05:26:19 PM
Got this picture from one of my contacts.   This was probably gifted in one of the temples.
Title: ₹1 Banknotes to Make Comeback in India
Post by: Bimat on May 15, 2015, 05:02:07 AM
Not sure why there's so much of fuss regarding this note! A friend of mine got few for himself, don't know how much he paid though. But certainly, ₹2000 sounds outrageous to me...

Aditya
Title: Re: ₹1 Banknotes to Make Comeback in India
Post by: Pabitra on May 15, 2015, 06:00:02 AM
New items cost what big collectors are expected to be willing to pay.

Yes, the multiple is huge but that is the way market works.

Who would have thought that a note of measly sum would be framed and offered to God when the underlying amount is refused by even beggars on the street.
Title: ₹1 Banknotes to Make Comeback in India
Post by: Bimat on May 15, 2015, 06:05:50 AM
Who would have thought that a note of measly sum would be framed and offered to God when the underlying amount is refused by even beggars on the street.

Haha..good one! ;D

Aditya
Title: Re: ₹1 Banknotes to Make Comeback in India
Post by: dsuramou on May 15, 2015, 07:58:36 AM
Have seen one bundle for sale on one forum on FB. However the price he was quoting was 6K.

Rgds
Title: Re: ₹1 Banknotes to Make Comeback in India
Post by: yougotmi on May 15, 2015, 08:38:01 AM


Who would have thought that a note of measly sum would be framed and offered to God when the underlying amount is refused by even beggars on the street.

Its rightly said "one man's trash is another man's treasure."
Title: Re: ₹1 Banknotes to Make Comeback in India
Post by: Pabitra on May 15, 2015, 09:13:22 AM
Just an afterthought

Was God presented two notes since frame shows that?

Is God also a collector?
If yes then one would be double and offered for swap?
Is God member of this WoC?

Also, is the guy who signed the note as a gift not aware that writing makes it a non legal tender?
The signature appear to be of Mr. Rajiv Mehrishi, who is Secreatary Finance and supposed to be one who signs the one rupee note.

Is he praying to God for extension of his service as he retires in August this year?
Title: ₹1 Banknotes to Make Comeback in India
Post by: Bimat on June 23, 2015, 08:23:17 AM
The return of ₹1 note makes the common man happy

G NAGA SRIDHAR

HYDERABAD, JUNE 22:

While the US Treasury Department has broken new ground by announcing that an eminent woman will grace the face of the new $10 bill (her identity will be revealed later this year and the note will be released in 2020), the Indian Finance Ministry has gone back to an old faithful, much loved by the common man. Yes, the ₹1 currency note is making a comeback after two decades.

The new avatar unveiled by the government in March is made of cotton rag with 110 micron thickness. It has the watermark of Ashoka’s Lion with ‘Satyameva Jayate’ inscribed and carries the signature of the present Secretary, Ministry of Finance, and is dated 2015. Banks have also started distributing these notes in select locations.

In December 2014, the government had announced that ₹1 notes will be issued and will be brought back in circulation. The government prints the ₹1 currency, while the Reserve Bank of India prints all other currency notes, according to the RBI Act.

The re-launch of ₹1 notes, has also brought old notes to life. Some old notes in use now incidentally bear the signature of Manmohan Singh (Prime Minister during 2004-14) in his capacity as Secretary, Ministry of Finance, with the year 1978 under the representation of the ₹1 coin on the printed currency. Whether old or new, the banknotes are legal tenders and people can use them freely.

Irrespective of these specifics, the common man is happy. “It is very heartening to see the note staging a come back bringing back past memories,’’ says Ismail, who runs a paan shop near the RBI regional office here.

The new currency is also expected to address the severe paucity of coins in the market. In some cities including Hyderabad, people have been using their own private currency and adopting other modes of barter to tide over the shortage of coins. Now with the availability of ₹1 and ₹2 notes, this problem is expected to be eased, feel petty businessmen.

There is a rich history behind the ₹1 note. A silver rupee was first introduced by Sher Shah who ruled Delhi between 1540 AD and 1545 AD. Afterwards, it was continued by the Mughals, the British and also by the government of independenct India. In 1994, the government stopped printing ₹1 notes.

Source: The Hindu Business Line (http://www.thehindubusinessline.com/banking/the-return-of-1-note-makes-the-common-man-happy/article7342897.ece)
Title: Re: ₹1 Banknotes to Make Comeback in India
Post by: yougotmi on June 23, 2015, 10:51:19 AM
A lot of new 1 rs notes which are being sold are fake.
Title: ₹1 Banknotes to Make Comeback in India
Post by: Bimat on June 23, 2015, 01:12:59 PM
Thanks for the illustrative post! One might think that why would someone need to print a fake ₹1 banknote and take lot of risk? The answer to this is that currently, a single new ₹1 banknote is being sold for ₹1000+ (the offer I got a month back was ₹2000)! :o You gotta blame crazy collectors for all this hype!

Aditya
Title: ₹1 Banknotes to Make Comeback in India
Post by: Bimat on July 02, 2015, 05:19:15 PM
Cost of printing a one-rupee note is Rs 1.14

PTI | Jul 2, 2015, 04.59PM IST

NEW DELHI: The cost of printing one rupee note, which was recently re-introduced after a gap of 20 years, is Rs 1.14, more than its value, an RTI query has revealed.

The Security Printing and Minting Corporation of India (SPMCIL), under the central government, said in the RTI response that the cost is subject to audit, which is in progress, for financial year 2014-15.

"The cost of one rupee note is Rs 1.14 (provisionally and unaudited) as determined in accordance with the principle of costing and costing module," it said replying to the application filed by activist Subhash Chandra Agrawal.

The printing of one-rupee notes was discontinued in 1994 because of high printing cost as compared to their lives. Similarly, the notes of two-rupees and five-rupees denominations were subsequently discontinued for the same reason, Agrawal said.

The denominations have been coinised. However, the Union Finance Ministry subsequent to a gazette-notification dated December 16, 2014 ultimately re-issued one-rupee notes on March 6, 2015 at Shrinathji Temple (Nathdwara), Rajasthan, Agrawal said.

Unlike other currency notes which the bear signature of RBI Governor, the one rupee note has signature of the Finance Secretary, and Agrawal demanded an enquiry into the "retrogressive" step.

"Enquiry should be made if retrogressive step of re-issue of costly one rupee notes was taken so that signature of top bureaucrat of Union Finance Ministry may appear on these notes for becoming a historical feature in future," he said.

Source: Times of India (http://timesofindia.indiatimes.com/business/india-business/Cost-of-printing-a-one-rupee-note-is-Rs-1-14/articleshow/47911376.cms)
Title: ₹1 Banknotes to Make Comeback in India
Post by: Bimat on July 31, 2015, 03:42:50 PM
Govt to print 15 crore notes of Re 1 denomination every year

Thursday, 30 July 2015 10:21 PM

New Delhi: The government has plans to print 15 crore currency notes of Re 1 denomination every year with effect from January 1, 2015, Parliament was informed today.

"Government has issued gazette notification dated December 15, 2014 to print Re 1 currency notes with effect from 1 January 2015 under the provisions of the Coinage Act, Minister of State for Finance Jayant Sinha said in a written reply in Rajya Sabha.
 
Accordingly, the government has decided to print 150 million one rupee notes per annum, he said further.
 
The minister in his reply said the printing of Rs 1, 2 and 5 denomination banknotes were discontinued by the Reserve Bank in view of high cost of printing.
 
"At present, there is no proposal to issue Rs 2 and 5 denomination notes," Sinha said.

Source: ABP Live (http://www.abplive.in/business/2015/07/30/article668382.ece/Govt-to-print-15-cr-notes-of-Re-1-denomination-every-year)
Title: Re: ₹1 Banknotes to Make Comeback in India
Post by: Pabitra on August 01, 2015, 06:09:16 AM
Does it mean the demise of Rupee 1/- as a coin denominations?
Will the new series of coins be restricted to Rupees 2, 5 and 10 only or do you expect 20 and 50 to be coinised?
Title: ₹1 Banknotes to Make Comeback in India
Post by: Bimat on August 02, 2015, 02:14:39 PM
Does it mean the demise of Rupee 1/- as a coin denominations?
Will the new series of coins be restricted to Rupees 2, 5 and 10 only or do you expect 20 and 50 to be coinised?

May be yes...or may be not. ;) I remember receiving a ₹1 coin dated 2015 in change recently so as of now, they are continuing with both coins and banknotes. ₹1 banknotes do not circulate at all but command significant premium in market. Practically speaking, I hardly deal with ₹1 and ₹2 coins these days. Most of the price tags (or even the ticket fares etc) are now rounded up to multiples of 5. ₹10 coins circulate quite nicely now, received one in change today (dated 2013) :)

Replacing ₹20 banknote with coin makes sense but I doubt if it will happen anytime soon. ₹50 coins? Oh well...

Aditya
Title: Re: ₹1 Banknotes to Make Comeback in India
Post by: Pabitra on August 03, 2015, 03:22:13 AM
For 2015, all four coins, namely 1, 2,5 and 10/- have come out.
Only 50p has not come out.
Last 50p was 2013.
There were indents in 2014 but were not minted.
For 2015 also, there are indents for 50p.

Last year, RBI Annual Report indicated redesign of the series, mainly to go in for cheaper coins since the final cost appears to have gone above face value. It appears that 1 Rupee coin cost is also crossed the threshold limit. Demise of 50p as a denomination and 1 Re as a ferritic stainless steel coin as 3.79 gram coin is almost a foregone conclusion.

This year, issue of Rs. 10/- commemorative coins has overtaken Rs. 5/- commemorative coins( number of issues released).
Thus, mainstream coin is now Rs.10/- and not Rs.5/-.
It indicates the need for coinising higher denominations ( to retain Bell curve).
Title: Re: ₹1 Banknotes to Make Comeback in India
Post by: dheer on August 03, 2015, 06:01:45 AM
Although Rs 10 has been there for quite a few years now ... its still not present in daily use, except for Metro's. The Rs 10 notes are still largely getting printed and quantity not going down ... So my take would be it would take quite a few more years for the Rs 10 coin to become main stream ... The Rs 20 coin is an interesting debate, given that 20 paise didn't make much main stream ... but the Rs 2 did. The Rs 20 currency note is also not main stream, and under such circumstances will the Rs 20 coin be acceptable is a question that only time can tell.
Title: ₹1 Banknotes to Make Comeback in India
Post by: Bimat on August 03, 2015, 07:46:54 AM
For 2015, all four coins, namely 1, 2,5 and 10/- have come out.
Only 50p has not come out.
Last 50p was 2013.
There were indents in 2014 but we're not minted.
For 2015 also, there are indents for 50p.

Last year, RBI Annual Report indicated redesign of the series, mainly to go in for cheaper coins since the final cost appears to have gone above face value. It appears that 1 Rupee coin cost is also crossed the threshold limit. Demise of 50p as a denomination and 1 Re as a ferritic stainless steel coin as 3.79 gram coin is almost a foregone conclusion.

This year, issue of Rs. 10/- commemorative coins has overtaken Rs. 5/- commemorative coins( number of issues released).
Thus, mainstream coin is now Rs.10/- and not Rs.5/-.
It indicates the need for coinising higher denominations ( to retain Bell curve).

While what you write makes most sense, Indian bureaucracy thinks otherwise. I have lost confidence in it. Introduction of ₹1 banknotes was perhaps the stupidest thing they could do. They have been talking of polymer ₹10 banknotes for some 8 years now, no signs of it till date. You can just hope that they will improve...one day. ::)

Aditya
Title: Re: ₹1 Banknotes to Make Comeback in India
Post by: Pabitra on August 03, 2015, 08:26:44 AM
The Rs 20 coin is an interesting debate, given that 20 paise didn't make much main stream ... but the Rs 2 did. The Rs 20 currency note is also not main stream, and under such circumstances will the Rs 20 coin be acceptable is a question that only time can tell.

I do not know why you say Rs. 20/- note is not main stream.
I am informed that token vending machines in Delhi Metro accept only 10 and 20 Rupees notes.
The balance is always returned in coins.
It appears that Delhi Metro is the biggest receiver of coins among non- banking organisations.
The demand is so heavy that by afternoon, the vending machines are no longer issuing tokens since the coins run out.

Also, it could be 25/- Rupees coin if not, 20/- one.
In countries, where circulating commemoratives are used as general circulation, on the subcontinent, Pakistan and Nepal issue 5/- notes and not coins.
Also, the commemorative coins are of Rs. 25/- and not Rs. 20/-.
However the standard series of denominations pattern of 1, 2, 5 and 10 usually connotes 25 instead of 20 when the denomination is in two digits. Only Euro countries preferred 20 cents as denomination because Europe had such a tradition.
Title: Re: ₹1 Banknotes to Make Comeback in India
Post by: Pabitra on August 03, 2015, 08:31:03 AM
They have been talking of polymer ₹10 banknotes for some 8 years now, no signs of it till date. You can just hope that they will improve...one day. ::)

polymer substrate failed in hot climate test as well as Indian user test of stapling the notes as well as scribbling on them.
This user pattern is unique to Inida.

Also, it was almost at that time decided to coinise the Rupeed 10/- denomination.

Now since bulk of note paper is being produced in India itself, importing of polymer substrate is extremely unlikely. The cost benefit ratio is very much against it.
Title: Re: ₹1 Banknotes to Make Comeback in India
Post by: dheer on August 03, 2015, 10:22:02 AM
Interesting that self reliance in Bank Note papers has made the polymer fall out ...  :)
Title: Re: ₹1 Banknotes to Make Comeback in India
Post by: Pabitra on August 15, 2015, 02:21:42 PM
Even then, as per internal documents of MoF, the cost of Re 1/- note comes to Re 1/14.
Title: ₹1 Banknotes to Make Comeback in India
Post by: Bimat on August 18, 2015, 05:19:22 PM
Website of currency note press, Nashik has this image of specimen ₹1 banknote. I think it's a phitoshopped image. If so, this is shocking! :o

http://cnpnashik.spmcil.com/Interface/products.aspx

Aditya
Title: Re: ₹1 Banknotes to Make Comeback in India
Post by: dheer on August 18, 2015, 07:31:23 PM
Yep the area around numbers looks fishy ... maybe they did'nt have a image of specimen and given its supposed to be destroyed, no one was allowed to take picture :) ... hence someone took a regular note and converted the numbers and added specimen in photo shop  ;D
Title: ₹1 Banknotes to Make Comeback in India
Post by: Bimat on August 19, 2015, 08:40:04 AM
Yep the area around numbers looks fishy ... maybe they did'nt have a image of specimen and given its supposed to be destroyed, no one was allowed to take picture :) ... hence someone took a regular note and converted the numbers and added specimen in photo shop  ;D

I'm very much sure that some of those 'specimen' banknotes will turn up in market one day... ;)

Aditya
Title: Re: ₹1 Banknotes to Make Comeback in India
Post by: aarkay on August 19, 2015, 10:52:29 AM
Hi...

Hope it will not end like the eccentric monarch Muhammad bin Tughlaq’s (1325-1350 AD) experiment of introducing leather currency in India …which failed in due course… ;D

Aarkay
Title: Re: ₹1 Banknotes to Make Comeback in India
Post by: Pabitra on August 19, 2015, 02:32:14 PM
Your hope is going to be fulfilled.
Sooner or later, some sanity will come to prevail in MoF.

Already RBI is unable to distribute these notes due to some accounting problem and all 150 million pieces are lying in RBI.

It may also end up as CAG audit objection, like Subba Rao signed 2014 notes.
Title: Re: ₹1 Banknotes to Make Comeback in India
Post by: dheer on August 20, 2015, 05:53:33 AM
Already RBI is unable to distribute these notes due to some accounting problem ...


Interesting looks like the RBI and Finance Ministry stand off continues  :)
Title: Re: ₹1 Banknotes to Make Comeback in India
Post by: Pabitra on August 20, 2015, 06:31:20 AM
I have not been to get full details but this is not standoff case.
It appears that it is not promissory note but currency note and hence has to be accounted for by the ministry in a different manner and for which the due approval has not been passed in Parliament.

Since the standoff continues in parliament between ruling party and the opposition, RBI is no where to be blamed.
Title: Re: ₹1 Banknotes to Make Comeback in India
Post by: Vivek on August 26, 2015, 06:51:09 AM
Here is mine with Rs100 Telescopic Number.
Not yet received in hand with Friend
(https://lh3.googleusercontent.com/-lGkqWaq_9mI/Vd1FSF6JtmI/AAAAAAAAEgM/Q_OXeucjxOI/s912-Ic42/IMG-20150826-WA0005.jpg)
Vivek
Title: Re: ₹1 Banknotes to Make Comeback in India
Post by: dheer on August 26, 2015, 06:53:54 AM
Great. Did you also manage to get the Rs 1 note? where did you get it from?
Title: Re: ₹1 Banknotes to Make Comeback in India
Post by: Vivek on August 26, 2015, 07:25:12 AM
Sorry I forgot to mention..Yes I have both notes.
Santoshk Got them from Mr.Velunde..Still I have not got in my hand.. in a day or two I will get them and will post pics.
Also am not aware how much he paid.
Vivek
Title: ₹1 Banknotes to Make Comeback in India
Post by: Bimat on August 27, 2015, 04:17:38 PM
Apparently, RBI head office in Mumbai has started distributing new ₹1 banknote bundles.

A person on FB sold 100 bundles for ₹1500 each within an hour, making handsome profit of ₹1,40,000. I pity the buyers... ::)

Aditya
Title: Re: ₹1 Banknotes to Make Comeback in India
Post by: dheer on August 27, 2015, 04:39:23 PM
Apparently, RBI head office in Mumbai has started distributing new ₹1 banknote bundles.

A person on FB sold 100 bundles for ₹1500 each within an hour, making handsome profit of ₹1,40,000. I pity the buyers... ::)

Aditya

Well Rs 1500 for every bundle !!! Unbelievable .... well there are enough fools around. ;D
Title: ₹1 Banknotes to Make Comeback in India
Post by: Bimat on August 27, 2015, 04:43:28 PM
Well Rs 1500 for every bundle !!! Unbelievable .... well there are enough fools around. ;D

Why are you surprised? Couple of months back, there were people who were buying a single note for ₹2000! :o ;D

Aditya
Title: Re: ₹1 Banknotes to Make Comeback in India
Post by: Vivek on August 28, 2015, 04:42:57 AM
Breaking news on FB is..Bundles have been released in Mumbai and Delhi so  few people are urging buys not buy at higher price. In few days these will be distributed through banks.
Vivek
Title: Re: ₹1 Banknotes to Make Comeback in India
Post by: aarkay on August 28, 2015, 05:47:14 AM
Well Rs 1500 for every bundle !!! Unbelievable .... well there are enough fools around. ;D

Hi Dheer...

Proving the saying "A sucker is born every minute ;D"

Aarkay
Title: ₹1 Banknotes to Make Comeback in India
Post by: Bimat on August 28, 2015, 07:23:34 AM
I shall try to get a few bundles using my contact in RBI for face value and let members (those whom I know or serious collectors, not retailers!) of WoC take it with 0% premium. This is NOT a promise as RBI has strange distribution systems at times but I shall try my best. :)

Aditya
Title: Re: ₹1 Banknotes to Make Comeback in India
Post by: Vivek on September 06, 2015, 10:57:49 AM
Note rates have come down to Rs20 per note from rs100.
And already * notes...Still new Rs 400...Just took photo from dealer
(https://lh3.googleusercontent.com/-rjDUAY0rxhc/Vev_rzjRukI/AAAAAAAAEjA/Dm-3uFfoh8Y/s912-Ic42/20150906_123711.jpg)
vivek
Title: Re: ₹1 Banknotes to Make Comeback in India
Post by: dheer on September 06, 2015, 11:44:48 AM
Yep the Star note are available ... now that the finance secretary has changed, we should soon expect a new one :)
Title: Re: ₹1 Banknotes to Make Comeback in India
Post by: Pabitra on September 06, 2015, 11:51:54 AM
I have been sent a news clip from Jaipur.
They are now being distributed.
Since the clip is in Hindi, I have not put it here.
Title: Re: ₹1 Banknotes to Make Comeback in India
Post by: Pabitra on September 06, 2015, 11:54:39 AM
Yep the Star note are available ... now that the finance secretary has changed, we should soon expect a new one :)

The finance secretary, who got this note issued to political VIPs, has been rewarded with Home Secy post, there is no reason why the new finance secretary not follow the example.
Title: ₹1 Banknotes to Make Comeback in India
Post by: Bimat on September 07, 2015, 05:53:26 AM
Note rates have come down to Rs20 per note from rs100.

Oh dear, don't tell me that! I know few people who paid ₹2000 for a single note! They must be having nightmare now. ;D >:D

Aditya
Title: Re: ₹1 Banknotes to Make Comeback in India
Post by: dheer on September 07, 2015, 10:31:16 AM
Oh dear, don't tell me that! I know few people who paid ₹2000 for a single note! They must be having nightmare now. ;D >:D

Aditya
Well those who paid 2000 got a rare note  ;D ;D ;D others who are getting it now for Rs 20 are ordinary notes  ;)
Title: ₹1 Banknotes to Make Comeback in India
Post by: Bimat on September 12, 2015, 05:24:58 PM
Vivek,

Are you sure that these ₹1 notes are (were) available for ₹20 each? Today, these were being sold for ₹400 each at Churchgate (At Coinex 2015)!

And yes, star series ₹1 notes are also available now! :o ;D :D

Aditya
Title: Re: ₹1 Banknotes to Make Comeback in India
Post by: Vivek on September 13, 2015, 06:06:01 AM
Yes Aditya
regular notes Rs20 and start notes were at 400. I purchased 5 last weekend to carry to native place for Friends.
Bundle was for 1300
Any news on RBI of which government banks are distributing?
Vivek
Title: Re: ₹1 Banknotes to Make Comeback in India
Post by: dheer on September 13, 2015, 08:22:16 AM
Vivek,

Are you sure that these ₹1 notes are (were) available for ₹20 each? Today, these were being sold for ₹400 each at Churchgate (At Coinex 2015)!

And yes, star series ₹1 notes are also available now! :o ;D :D

Aditya

Looks like the loot continues, I guess the dealers know that there are quite a few first time visitors to such exhibitions and hence they charge exorbitant rates. While for regular customers its regular price.  :)
Title: Re: ₹1 Banknotes to Make Comeback in India
Post by: kishoretkm on October 22, 2015, 10:05:52 AM
In Chennai RBI, they issued one rupee bundle as limited, and they stopped bcos of over crowded on last week and will resume the sales on next week monday (26th Oct) onwards (Face value),
Outside of RBI, the 1 rupee bundle sold at 400-600 Rs.

one of Dealer in chennai told me that before November it will be available at all local banks at face value. SO we are waiting for that moment.


Title: Re: ₹1 Banknotes to Make Comeback in India
Post by: dheer on October 22, 2015, 11:51:50 AM
If you get spare let me know ...
There are quite a few here
Title: Re: ₹1 Banknotes to Make Comeback in India
Post by: kishoretkm on October 23, 2015, 09:08:20 AM
Sure! I will let you know if I get.

Will plan to get RIM of one rupee note bundle if We get face value and happy to give others also, (bcos Im not GOING TO lost anything if i GIVE OTHERS to face value :)).

Also i am in dilema suppose should I buy atleast one bundle from the guy who is offered the below price range (400-600), for safety purpose incase of not getting any bundle on November month!!!.

Waiting till 26th Oct else will plan to go Chennai RBI directly to get atleast one bundle.

PS: Main reason for buying RIM is, to distribute my friends circle, colleagues and relatives.


 
If you get spare let me know ...
There are quite a few here
Title: ₹1 Banknotes to Make Comeback in India
Post by: Bimat on October 23, 2015, 09:14:37 AM
In last week's annual coin fair of Mumbai Coin Society, a single bundle was available for ₹800. A rim was available for ₹10,000 or so and only one dealer had it (who basically supplies banknotes to all other dealers). RBI, which had their own stall, did not distribute the ₹1 bundles.

Aditya
Title: Re: ₹1 Banknotes to Make Comeback in India
Post by: dheer on October 26, 2015, 02:38:03 AM
If RBI was distributing Rs 1 notes, there would have been stampede  :D
Title: ₹1 Banknotes to Make Comeback in India
Post by: Bimat on January 04, 2016, 05:07:07 AM
160-million currency notes of ₹1 issued in last two years

PRESS TRUST OF INDIA

MUMBAI, JANUARY 3:

The Finance Ministry has issued as many as 160 million currency notes of one rupee denomination in the last two years, nearly two decades after they were taken off print, according to queries made under the RTI Act.

Delhi-based RTI activist Subhash Chandra Agrawal and Mumbai-based RTI activist Manoranjay Roy had, in separate RTI queries, sought the number of one rupee currency notes issued by the government in the last 20 years.

“In 1994-95, a total 40 million currency notes of one rupee denomination were issued. Thereafter, there was no issuance of one rupee notes from fiscal year 1995-96 till fiscal year 2013-14,” the reply furnished by Deputy Manager (HR) and Public Information Officer of Currency Note Press, G Krishna Mohan, said.

However, in 2014-15, a total five million notes and in the current fiscal year, a total of 155 million notes of one rupee denomination, were again introduced in the market, the reply said. It further said that in 1994-95, the production cost of 40 million currency notes of one rupee denomination was ₹59,40,059, implying that the production cost stood at ₹1.48 a note.

Agrawal claimed, “I possess the file notings and the correspondence which indicate that the process of reissuing new one rupee notes at a high printing cost was a bureaucratic exercise carried out by the Manmohan Singh-led UPA government, and it was done despite stiff resistance from the Reserve Bank of India.”

“Besides, one rupee note is being sold openly through Web sites at a premium price of ₹50, which the apex bank needs to put a check on,” he said.

Questioning the move to reissue the notes, Roy said, “Considering the high printing cost of a one rupee note, and its very short life, this decision was absolutely avoidable.”

Abhay Pethe, a professor in the Economics department of Mumbai University, said there was no need for the RBI to print more one rupee notes unless it was mandated by the government.

“It doesn’t have anything to do with the numismatic value also. The issuance of one rupee notes is not going to increase their circulation either,” he said.

Explaining the nuances, RBI spokesperson Alpana Killawala said, “The one rupee note is actually a coin. And unlike the notes, which are a liability of the RBI, coins are a liability of the Government of India. Hence, the decision to reissue one rupee notes was taken by the Finance Ministry.”

She added, “Selling of one rupee notes at high premium is a mutual bartering act between two or more individuals and it does not amount to criminality.”

“The present stock of one rupee notes should be sold only as souvenir in attractive plastic packing at a premium price, just as the silver-alloy commemorative coins are sold in plastic packing, rather than putting them (one rupee notes) into circulation in the market,” Agrawal said.

The limited number of one rupee notes would not stay in circulation anyway, as anyone getting them is likely to keep it as a collector’s item, he said.

(This article was published on January 3, 2016)

Source: The Hindu Business Line (http://www.thehindubusinessline.com/money-and-banking/160million-currency-notes-of-1-issued-in-last-two-years/article8061694.ece)
Title: ₹1 Banknotes to Make Comeback in India
Post by: Bimat on January 04, 2016, 05:08:45 AM
Why is Mr. Agrawal so much interested in coins / banknotes related matters? So many RTI queries for small things like this is actually a misuse of it!

Aditya
Title: ₹1 Banknotes to Make Comeback in India
Post by: Bimat on January 04, 2016, 05:10:23 AM
Quote
Explaining the nuances, RBI spokesperson Alpana Killawala said, “The one rupee note is actually a coin.

 ;D ;D ;D

India becomes first country to issue paper coins. ;D ;D ;D

Aditya
Title: Re: ₹1 Banknotes to Make Comeback in India
Post by: dheer on January 04, 2016, 07:07:21 AM
;D ;D ;D

India becomes first country to issue paper coins. ;D ;D ;D

Aditya

So now it will become more rare  ;D
Dealers will sell one rupee coin with composition as paper   >:D>:D
Title: Re: ₹1 Banknotes to Make Comeback in India
Post by: Figleaf on January 04, 2016, 08:02:44 AM
She added, “Selling of one rupee notes at high premium is a mutual bartering act between two or more individuals and it does not amount to criminality.”

“The present stock of one rupee notes should be sold only as souvenir in attractive plastic packing at a premium price, just as the silver-alloy commemorative coins are sold in plastic packing, rather than putting them (one rupee notes) into circulation in the market,” Agrawal said.

The limited number of one rupee notes would not stay in circulation anyway, as anyone getting them is likely to keep it as a collector’s item, he said.

It looks to me like this quote is the key: the notes are meant to provide an income for the government, not to alleviate a shortage of small change. They are not meant for circulation, they are souvenirs. This also answers the concerns of the "RTI activists", who see this as a loss-making operation.

Prof. Pethe is right, though. It has nothing to do with numismatic value. With 160 million notes printed already, there will not be any numismatic value. There is enough supply for a popular craze. If that ever happens...

Peter
Title: Re: ₹1 Banknotes to Make Comeback in India
Post by: Pabitra on January 04, 2016, 08:14:31 AM
Why is Mr. Agrawal so much interested in coins / banknotes related matters? So many RTI queries for small things like this is actually a misuse of it!

Subhash and his wife are so called "RTI activists".
Running a shop in Chandni Chowk, downtown Delhi, they have ample free time to raise more than 2000 queries per annum.
Very much you buying coins, they collect RTI answers.
Title: ₹1 Banknotes to Make Comeback in India
Post by: Bimat on January 04, 2016, 08:23:26 AM
Prof. Pethe is right, though. It has nothing to do with numismatic value. With 160 million notes printed already, there will not be any numismatic value. There is enough supply for a popular craze. If that ever happens...

People are already paying over ₹1000 for a bundle which is worth ₹100. The problem is that these banknotes are not distributed like other denominations. Only a handful of dealers have managed to get most of the stock. I do not think RBI is even trying to put them into circulation. It's such a waste of tax payers' money to print them!

Quote
Very much you buying coins, they collect RTI answers.

 ;D ;D ;D It may be noted that the RTI officer (I mean his office -> government) has to spend thousands of rupees (sometimes in 6 digits) to provide silly information like this. I remember there was a RTI reply which had over 40,000 pages, even more shockingly, it was provided in printed form and not on a CD/DVD! As if this was not sufficient, most of the questions asked were not replied at-all, all vague information was provided by RTI officer... :o

Aditya
Title: Re: ₹1 Banknotes to Make Comeback in India
Post by: Pabitra on January 04, 2016, 08:25:59 AM
RTI Incharge has the right to ask for photocopy charges if the answer exceeds 10 pages.
Title: ₹1 Banknotes to Make Comeback in India
Post by: Bimat on March 25, 2016, 12:36:10 PM
Finance secretary Rajiv Mehrishi has said that government plans to issue ₹1 banknotes for next 5 years. For the financial year 2016-2017, 32 crore (320 million) ₹1 banknotes will be printed.

Aditya
Title: Re: ₹1 Banknotes to Make Comeback in India
Post by: Pabitra on March 30, 2016, 12:12:00 PM
Rajiv Mehrishi is not the finance secretary any longer.
It is Ratan Watal
Title: ₹1 Banknotes to Make Comeback in India
Post by: Bimat on April 02, 2016, 09:07:13 AM
Rajiv Mehrishi is not the finance secretary any longer.
It is Ratan Watal

Yeah I missed it...however there are no ₹1 banknotes dated 2015 with Watal's signature. Watal's signature will first appear on 2016 dated ₹1 banknotes.

Aditya
Title: Re: ₹1 Banknotes to Make Comeback in India
Post by: Pabitra on April 02, 2016, 10:55:16 AM
Already issued
Title: ₹1 Banknotes to Make Comeback in India
Post by: Bimat on November 06, 2016, 06:58:50 AM
Mr. Subhash Agarwal is back. ;D

At 78 paise per print, Re 1 note now profitable

B Sivakumar | TNN | Nov 6, 2016, 04.38 AM IST

CHENNAI: Two different mints charge the Reserve Bank of India different amounts to print the same currency denominations. This was revealed in replies to an RTI plea filed by RTI activist Subhash Agarwal.

While Bharatiya Reserve Bank Note Mudran Pvt Ltd, an RBI-owned company, prints Rs 10 and Rs 20 notes at a cost of 70 and 95 paise, respectively, the same notes printed by the governmentowned Security Printing and Minting Corporation of India (SPMCIL) cost Rs 1.22 and Rs 1.216, respectively. The cost of printing Re 1 notes at the SPMCIL has come down from Rs 1.14 per unit to 78.5 paise due to better use of technology.

The printing of one-rupee notes, which was discontinued in 1994 because of high printing cost, is now costing less, the RBI has revealed. The currency is printed by the SPMCIL.

The cost of printing Re 1 notes in 1994-95 was Rs 1.48 a note and when reintroduced, the cost came down to Rs 1.14 and now it has reduced below its nomination value to 78.5 paise.

Source: Times of India (http://timesofindia.indiatimes.com/city/chennai/At-78-paise-per-print-Re-1-note-now-profitable/articleshow/55269401.cms)