₹1 Banknotes to Make Comeback in India

[dheer]

Still havent got hold of Rs 1 note yet.

[dsuramou]

Are these into circulation already? I still did not had chance to sight even one!


Rgds

[Pabitra]

Seen one. Seller was looking for 2000 times the face value.
Did not give permission to photo?

[yougotmi]

Got this picture from one of my contacts.   This was probably gifted in one of the temples.

[Bimat]

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

[Pabitra]

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.

[Bimat]

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!

Aditya

[dsuramou]

Have seen one bundle for sale on one forum on FB. However the price he was quoting was 6K.

Rgds

[yougotmi]

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."

[Pabitra]

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?

[Bimat]

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

[yougotmi]

A lot of new 1 rs notes which are being sold are fake.

[Bimat]

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)! You gotta blame crazy collectors for all this hype!

Aditya

[Bimat]

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

[Bimat]

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