‘Change’ is in the air: Govt plans to reprint Re 1 notes

Need for ‘Change’ has always been a demand for the Indians. Buying groceries and returning with Eclairs chocolate must have made common man forget how a Re1 note actually looks like. Retailers who shell out change have often alleged that they need to buy change coins from various sources at a higher price.

The government’s announcement to pump in one rupee note into circulation has come as a relief for the people. As per a PTI report, the Reserve Bank of India (RBI) has confirmed in a statement on Wednesday that apart from coins, Re 1 notes will be introduced after almost two decades.

A news report in The Economic Times reveals that while the existing notes will continue to be legal tender, the new notes would be provided in the Coinage Act 2011.

The PTI further reported, as per RBI’s announcement the notes will be made of 100% cotton rag with a dimension of 9.7cm and 6.3 cm.

Having a thickness of 110 microns and weighing 90 grams per square meter, the notes will bear Ashoka Pillar symbol in the window and carry a hidden numeral in the centre. Hidden word ‘Bharat’ will be embossed on the right hand side of the note.

With predominant tinge of pink and green on front side and reverse, the newly issued notes will have bilingual signature of Finance Secretary Rajiv Mehrishi.

While higher denomination currency notes have RBI imprinted, these will have Bharat Sarkar and Government of India imposed on them with replica of new rupee coin and rupee symbol of 2015.

Higher cost in printing had forced government to cease printing of one rupee note and similar denomination coins were in circulation.

Though, other paper currency notes in the denominations of Rs 10, Rs 20, Rs 50, Rs 100, Rs 500 and Rs 1,000 are being printed, older notes already in circulation will remain legal tender, the report by a financial news website has confirmed.

(Image: Reuters)