₹1 Banknotes to Make Comeback in India

[Bimat]

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!

Very much you buying coins, they collect RTI answers.

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...

Aditya

[Pabitra]

RTI Incharge has the right to ask for photocopy charges if the answer exceeds 10 pages.

[Bimat]

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

[Pabitra]

Rajiv Mehrishi is not the finance secretary any longer.
It is Ratan Watal

[Bimat]

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

[Pabitra]

Already issued

[Bimat]

Mr. Subhash Agarwal is back.

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