RBI announced new Rs.1 notes, which will be put into circulation in coming up days as the printing stage of these notes is completed. The printing of Rs 1 note was discontinued approximately 20 years back. In fiscal year 1994-95, the production cost of 40 million currency notes of one rupee denomination was Rs 59,40,059, implying that the production cost stood at Rs 1.48 per note.
RBI stated that: “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.”
Features of New Rs.1 Note 2017:
- The note will be in combination of pink and green, accompanied by few other colors.
- New Rs.1 note will be having a signature of Shaktikanta Das (Secretary in the Ministry of Finance), as the RBI said.
- Beside the imprint, fifteen Indian languages will render the note’s value.
- “Ek Rupaiya” is printed at the up-front of the note
- The numbering will be just like other currency, in black at right-hand bottom portion of the note.
- On the reverse/back side, the year ‘2017’ is embedded, there is also a representation of one rupee coin with rupee symbol having floral design and the surrounding design consists of the picture of Sagar Samrat, the oil exploration platform.
Facts of New Rs.1 Note 2017:
- Old Rs.1 notes are still circulating more through online websites like eBay, in exchange of heavy price.
- In the fiscal year 2014-15, a total 5 million Rs.1 notes released and In the current fiscal year, a total of 155 million Rs. 1 notes will be introduced in the market.
- It costs around Rs.1.48 in making of single 1 rupee note.
- The releasing of limited number of Rs.1 notes would not stay in circulation anyway, as anyone getting them is likely to keep it as a collector’s item.
This move may get attraction of people and media around the world after the last year’s big announcement about the discontinuation of Rs.500 and Rs.1000 notes. For now, people are having mixed reaction on this as it is not a life changing or big thing for majority of people in India but it attracted many currency collectors.