Mumbai: After a gap of about two decades, the RBI will again put in circulation rupee one notes soon. Printing of one rupee note was discontinued about 20 years ago.
"These currency notes are legal tender as provided in the Coinage Act 2011. The existing currency notes in this denomination in circulation will also continue to be a legal tender," the Reserve Bank of India said in release. At present, one rupee coins are minted.
The new currency note will be predominantly pink green on obverse and reverse in combination with other colours, the RBI said. "The RBI will soon put in circulation currency notes in one rupee denomination. The notes will be printed by the Government of India," the Reserve Bank said.
Unlike other currency notes which the bear signature of RBI Governor, the one rupee note will have signature of the Finance Secretary. One rupee note or coin is issued by the Government of India.
In November 1994, printing of one rupee note was stopped mainly due to higher cost and for freeing capacity to print currency notes of higher denomination. Printing of two and five rupee notes too were discontinued in 1995. Since then, only coins have been issued for these denominations. Older notes are still in circulation and remain legal tender.
Other paper currency notes currently being printed are Rs 10, Rs 20, Rs 50, Rs 100, Rs 500 and Rs 1,000.