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Offline Bimat

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'Colorful' History of Indian Banknotes
« on: July 26, 2011, 06:53:20 AM »
Just found this old but interesting article. Hope you will enjoy it too.

India's tryst with colouring money
By IB Times Staff Reporter | September 4, 2010 9:18 AM EDT

India being a country obsessed with colours, it is not a surprise that there are people who delve into the history of the colour combination and size of currency notes.

Here is an interesting tale of how India's 20 rupee note got its unique orange colour combination. Dilip Chaware of Mumbai has recounted how the orange colour was finalised for the 20 rupee currency note.

The then Indian prime minister Indira Gandhi had convened a metting of top officials of the ministry and the mint to launch the 20 rupee note. Maharashtra's former chief secretary P D Kasbekar was witness to a key decision taken by then prime minister Indira Gandhi in respect of the orange colour combination that was finally chosen for the 20 rupee note.

Many top officials were carrying bulk files and different sets of designs for Indira Gandhi to see and finalise one of them. Nylon was quite popular those days and people who are now above 60 years old may also remember that it was a status ssymbol for certain classes.

Kasbekar, a joint secretary in the banking department then who also attended the meeting, was wearing a nylon shirt. Dilip Chaware who has an audio-visual documentation of what Kasbekar told him, says Indira Gandhi looked at Kasbekar's pocket and her gaze stayed transfixed there. Kasbekar became uneasy along with others, suspecting that something had displeased the prime minister.

Surprisingly, she ordered Kasbekar to take out a colourful envelope that he had in his shirt pocket. Kasbekar gave the envelope to her without knowing why. Indira Gandhi's face lit up and she said, "This is the colour scheme and design I like."

The meeting ended and the selection had been made. Kasbekar had actually kept a wedding invitation in his shirt pocket which was orange in colour with a dash of red and saffron. This colour combination that is used in wedding cards in Maharashtra, and other southern Indian states is considered auspicious. Most wedding cards are printed using several combinations of these colours.

HISTORICAL TRACES

The evolution of currency notes or what was known as paper currency is interesting. The Government of India introduced its first paper money in 1861. It introduced 10 rupee in 1864, 5 rupees in 1872, 10,000 rupees in 1899, 100 rupees in 1900, 50 rupees in 1905, 500 rupees in 1907 and 1000 rupees in 1909.

India introduced 1 and 2½ rupees notes in 1917. But, India’s central bank Reserve Bank of India began producing currency notes by issuing 2, 5, 10, 50, 100, 1000 and 10000 rupee notes in 1938 even as the government continued to issue 1 rupee notes.

After India gained Independence from colonial British rule, the government introduced new designs to remove the portrait of the King. The government continued to issue the 1 rupee note, while the Reserve Bank issued other denominations, including the 5,000 and 10,000 rupee notes introduced in 1949.

In the 1970s, 20 rupee and 50 rupee notes were introduced but denominations higher than 100 rupees were demonetized in 1978.

In 1987, the 500 rupee note was introduced, followed by the 1,000 rupee note in 2000. The Reserve Bank of India announced plans last September to introduce polymer notes on a trial basis.

One billion pieces of 10 rupee denomination notes are being introduced initially, which will have an average lifespan of 5 years and that is four times the regular Indian currency notes. Reserve Bank of India officials say the new notes will be difficult to counterfeit and would also be cleaner than the regular notes.

The currency notes are printed at Nashik, Dewas, Salboni and Mysore, while the watermark paper manufacturing is at Hoshangabad, which is one of the main security of the Indian currency note.

The Government of India approves the design of banknotes on the recommendations of the Central Board of the Reserve Bank of India.

India approved the current series of banknotes called the Mahatma Gandhi series in 1996 to mark India’s entry into the 50th year of Independence. Today, notes are issued in this series in the denominations of 5, 10, 20, 50, 100, 500 and 1,000.

The government has allowed restart of printing of 5 rupee notes in 2009, which had stopped earlier. Automated teller machines across India usually dispense 100, 500 and 1,000 rupee notes.

Each currency note is easily distinguishable from the other. The size of the currency note increases as the denomination increases and so do its colours. The Government of India, which issued the blue colour rupee 1 note is not being printed by the Reserve Bank of India today. Reserve Bank of India has also discontinued printing the 2 rupee banknotes.

While 5 rupees notes have a green colour combination, 10 rupees are in red. The 20 rupees notes are orange in colour with a dash of red and saffron. The 50 rupees notes are grey in colour, and Rs 100 banknotes are in blue. The 500 rupees notes have a green colour combination while 1000 rupees banknotes are pinkish red in colour.

Source: IB Times
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Offline Bimat

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'Colorful' History of Indian Banknotes
« Reply #1 on: July 26, 2011, 06:58:30 AM »
And here's the 20 rupees note mentioned in the article: (Image taken from e-bay)



Aditya
It is our choices...that show what we truly are, far more than our abilities. -J. K. Rowling.

Offline Bimat

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'Colorful' History of Indian Banknotes
« Reply #2 on: July 26, 2011, 09:00:07 AM »
At-least the color is same..  ;) :D ;D

Aditya
It is our choices...that show what we truly are, far more than our abilities. -J. K. Rowling.

Offline Coinsforever

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Re: 'Colorful' History of Indian Banknotes
« Reply #3 on: July 26, 2011, 02:17:21 PM »
It seems that Now a days to finalize the design of coins , concerned ministers are following Late Smt.Indira Gandhi .........

Most of the collectors are not pleased at all from recent design & themes chosen by these authorities & their bureaucrats.


It is questionable  how many collectors like color of  Rs.20 notes...............

Cheers ;D
 

« Last Edit: July 26, 2011, 02:23:54 PM by aan09 »
Every experience, good or bad, is a priceless collector's item.



http://knowledge-numismatics.blogspot.in/

Offline Bimat

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'Colorful' History of Indian Banknotes
« Reply #4 on: July 26, 2011, 03:20:56 PM »
I don't collect Indian banknotes but not because I don't like them. They are nice and much better than our coins. But many collectors (Indian as well as others) collect them actively.

As for the color..orange isn't bad IMO. Much better than black.. ;) (Our old 10 rupees banknotes were blackish..I never liked them!)

Aditya
It is our choices...that show what we truly are, far more than our abilities. -J. K. Rowling.

Offline Coinsforever

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Re: 'Colorful' History of Indian Banknotes
« Reply #5 on: July 26, 2011, 08:30:47 PM »

As for the color..orange isn't bad IMO. Much better than black.. ;) (Our old 10 rupees banknotes were blackish..I never liked them!)


It's individual collector perception how they consider design with color in these bank notes, for Rs. 20 I like current series notes rather than former one finalized by  Late Smt.Indira Gandhi...............

Cheers ;D
Every experience, good or bad, is a priceless collector's item.



http://knowledge-numismatics.blogspot.in/