How Currency Notes are Designed in India ?
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Political upheaval is being witnessed in India over the demand to add images of Lakshmi, the goddess of wealth and Lord Ganesha, the god of prosperity, to the country’s currency. A demand raised by Delhi Chief Minister Arvind Kejriwal during an election campaign in Gujarat has seen mixed reactions from other political parties and religious leaders.
But is the process of changing the design of the Rupee easy? India Today takes a look at the process of “designing” Indian currency notes, and the major changes seen in currency note designs over the years.
WHO HAS THE POWER TO DESIGN/ISSUE BANKNOTES?
Under the provisions of the Reserve Bank of India Act, 1934, the Reserve Bank has the “sole authority to issue banknotes in India”. Section 25 of the RBI Act states that the design, form and material of banknotes “as may be approved by the Central Government after considering the recommendations made by the Central Board of the RBI.”
Although the RBI has the power to print Indian currency, the government has the ultimate authority over most of the functions of the RBI. For example, the government decides which denominations are printed and the design of banknotes including security features. Section 24 of the Act specifically states that the RBI may print “bank notes or such denominations not exceeding ten thousand rupees, as the Central Government may, on the recommendation of the Central Board, specify in this behalf.” Is.”
CAN THE CURRENCY DESIGN BE CHANGED?
As per the Master Circular issued by RBI, Reserve Bank is the sole authority to issue banknotes. However, the Government of India is responsible for the design and minting of coins in various denominations as per the Coinage Act, 2011. There are also provisions for issuance of “Special Currency” series under the RBI Act and the Coinage Act. “Commemorative coins” have been issued for various purposes under this provision.
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While there have been many design changes to the design of coins and banknotes over the years, there is no published policy to follow this process.
The Department of Currency Management in the RBI is responsible for such design changes and the printing of currency.
Although there is no published policy, sources say that as a normal procedure, the Department of Currency Management may create a concept note for the design of the new currency, which is sent from the DCM to the governor. It can also go to the RBI Central Board for approval. The Finance Ministry can also consult with the RBI and take policy decisions to change the design. The RBI Press may also be consulted with regard to the design and safety features before final approval.
CAN RELIGIOUS SYMBOL BE PRINTED ON CURRENCY?
RBI’s Note Refund Policy clearly states that any note which “makes any extraneous words or visible representation or conveys any message of any political or religious character or in furtherance of the interest of any person or institution”. enabled,” will not be refunded or exchanged by banks.
The series of notes issued after 2016 included images of religious and cultural heritage sites, including the Konark Sun Temple and the Sanchi Stupa.
Ashoka Pillar Banknotes:
The first banknote issued by independent India was the one rupee note issued in 1949. Retaining the same design, new banknotes were issued with the lion capital emblem of the Ashoka Pillar at Sarnath in the watermark window in place of the portrait of King George. ,
Banknotes in the Ashoka Pillar watermark series were issued in denominations of 10 rupees between 1967 and 1992, 20 denominations in 1972 and 1975, 50 rupees in 1975 and 1981, and 100 rupees denominations between 1967-1979. The banknotes issued during the above period included symbols representing science and technology, progress, orientation of Indian art forms.
In 1970, banknotes with the legend of “Satyamev Jayate”, i.e., ‘Truth will win’, were introduced for the first time.
In October 1987, Rs 500, a banknote with Mahatma Gandhi’s portrait and Ashoka Pillar watermark was introduced.
Mahatma Gandhi (MG) Series, 1996
All banknotes in this series have the portrait of Mahatma Gandhi on the front (front) in place of the Lion Capital emblem of the Ashoka Pillar, which has also been retained and the watermark has been shifted to the left next to the window. This means that these banknotes have the watermark of Mahatma Gandhi as well as the picture of Mahatma Gandhi.
Mahatma Gandhi series, 2005
The MG Series 2005 banknotes were issued in denominations of Rs 10, Rs 20, Rs 50, Rs 100, Rs 500 and Rs 1000 and included some additional/new security features as compared to the 1996 MG series.
The Legal tender of banknotes of Rs 500 and Rs1000 of this series was subsequently withdrawn from midnight of November 8, 2016.
Mahatma Gandhi (New) Series (MGNS), November 2016
The Mahatma Gandhi (New) series, launched in the year 2016, throws light on the country’s cultural heritage and scientific achievements. The designs of the banknotes were developed on themes reflecting the country’s diverse history, culture and ethos, as well as its scientific achievements.
The first banknote from the new series was introduced on November 8, 2016 and has a new denomination, Rs 2,000, with the Mangalyaan theme.
CHANGES MADE TO VARIOUS DENOMINATION NOTES
The RBI Master Circular – Detection and Impounding of Counterfeit Notes issued in April 2022 – shows the changes made to various denomination notes.
Rs 10 notes: The note was last changed in 2018, with the base colour of the note chocolate brown. The new denomination has the motif of the Sun Temple, Konark, on the reverse, depicting the country’s cultural heritage. It also includes the Swachh Bharat logo and slogan.
Rs 20 notes: Introduced in 2019, the reverse of the note has the Motif of Ellora Caves.
Rs 50 notes: The note was changed in 2017, with the base colour fluorescent blue. The reverse of the note shows the motif of Hampi temple with the iconic chariot.
Rs 100 notes: Rs 100 notes after 2018 have the motif of the Rani ki Vav on the reverse side.
Rs 200 notes: Rs 200 notes show the Motif of Sanchi Stupa on the reverse, depicting the country’s cultural heritage.
Rs 500 notes: Rs 500 notes show the theme of the Indian heritage site Red Fort with the Indian flag.
Political upheaval is being witnessed in India over the demand to add images of Lakshmi, the goddess of wealth and Lord Ganesha, the god of prosperity, to the country’s currency. A demand raised by Delhi Chief Minister Arvind Kejriwal during an election campaign in Gujarat has seen mixed reactions from other political parties and religious…
Political upheaval is being witnessed in India over the demand to add images of Lakshmi, the goddess of wealth and Lord Ganesha, the god of prosperity, to the country’s currency. A demand raised by Delhi Chief Minister Arvind Kejriwal during an election campaign in Gujarat has seen mixed reactions from other political parties and religious…