₹ 1 Note To Be Reintroduced
In a rather surprising decision, the Union government has decided to reintroduce ₹ 1 note after a gap of 22 years. The Federal Bank, which has withdrawn the high-denomination ₹ 1000 and ₹ 500 notes recently will, in all likelyhood, withdraw the ₹ 1 coins citing misuse. Interestingly, ₹ 2 and ₹ 5 were also withdrawn earlier.
This smaller denomination note will be printed by the government and not by the Reserve Bank, which has been a practice till date. The new note will have the signature of the union finance secretary and not the RBI governor whose sign is printed on all notes.
But the new note will be burdensome on people as it costs 94 paise to make whereas the coin costs 70 paise. Government says coins are being melted by many people to use them for other purposes and hence the decision to withdraw.
According to a statement by the finance ministry, the new Re 1 note will be 9.7 by 8.3 cm and in a pink and green colour theme. Its previous avatar was of an indigo colour.
It will have ‘Bharat Sarkar’ on its masthead, with ‘Government of India’ printed below that. All other currencies have ‘Bharatiya Reserve Bank’ and ‘Reserve Bank of India’ printed on them.
The watermarks of the ₹ 1 note will include the Ashoka Pillar, the hidden numeral “1” and the hidden word “Bharat (in Hindi)”. The note will also feature a replica of the one rupee coin and an image of the ‘Sagar Samrat’ oil exploration rig.