Mango Man

Newly Issued Rupee-1 Notes Printed at High Cost of Rupees 1.14, Just Souvenirs for Endorsing Signatures of Top Financial Bureaucrat on Currency

By SUBHASH CHANDRA AGRAWAL

Union Finance Ministry subsequent to a gazette-notification dated 16.12.2014 ultimately re-issued one-rupee notes on 06.03.2015 at Shrinathji Temple (Nathdwara) Rajasthan. One-rupee notes were earlier discontinued to be printed about two decades back because of high printing cost as compared to their lives. It is significant that notes of denominations of rupees two and five were subsequently discontinued for the same reason.

New notes printed at high cost of rupees 1.14 per piece are however not seen even by staff-members of distributing-agency Reserve Bank of India (RBI) what to talk of members of public! RBI sources reveal that since Union Finance Ministry is the issuing-agency for one-rupee notes, any decision to make these available to members of the public can be taken by the ministry. However RBI is empowered to take independent decision in respect of distribution of notes of other denominations bearing signatures of RBI governor.

RBI sources are also confirmed some limited number of new one-rupee note packs having been sent to Union Finance Ministry at their request. Enquiry should be made if retrogressive step of re-issue of costly one-rupee notes was taken so that signatures of top bureaucrat of Union Finance Ministry may appear on these notes for becoming a historical feature in future.

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