India

Central Govt. has no Proposal to Issue 25 Rupee Notes

By Subhash Chandra Agrawal

It refers to reply dated 14.08.2015 received from C&C Division of Department of Economic Affairs (Union Finance Ministry) clearly stating that there is no proposal to issue currency-note of rupees twenty-five denomination, an idea favoured by Prime Minister in ‘Man ki Baat’ once broadcast through Akashwani (All India Radio) as some instant measure to counter usual shortage of five-rupee coins.

Central government’s response was in reference to submissions dated 17.01.2015 against any such idea because it would have been in contrary to metric spirit of measure which was introduced in the country now about six decades back in the year 1957. It is good that we have a proper system where even ideas mooted by Prime Minister are liable to be rejected if not found feasible and against some basic norms.

To overcome usual shortage of coins, Union government should have coins only in denominations of rupees one and five with gradual introduction of coins of rupees ten to ultimately replace notes of this denomination. Supply of coins of one and five rupees should then be ensured to be in plenty by further reducing size of one-rupee coin can of size of earlier ten-paise coins in stainless steel, while five-rupee coins can be thicker but with same diameter in brass or copper so as to avoid misuse by melting. Senseless idea of re-issuing one-rupee notes after two decades should be probed, and further printing of notes of one rupee should be immediately stopped with present stock sold at premium in plastic packaging as souvenir.

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