Government to print 15 crore 1 Re notes per year
The government has plans to print 15 crore currency notes of Re 1 denomination every year with effect from January 1, 2015, Parliament was informed today.
“Government has issued gazette notification dated December 15, 2014 to print Re 1 currency notes with effect from 1 January 2015 under the provisions of the Coinage Act, Minister of State for Finance Jayant Sinha said in a written reply in Rajya Sabha.
Accordingly, the government has decided to print 150 million one rupee notes per annum, he said further.
The government has, thereby, decided to print 150 million one rupee notes per year, he said.
The minister also informed the upper house that printing of Rs.1, 2 and 5 denomination notes were discontinued by the Reserve Bank of India because of the high cost of printing involved.
“At present, there is no proposal to issue Rs.2 and 5 denomination notes,” he added.
1 Re note doesn’t have RBI governor’s sign
One rupee note are printed by Govt of India itself whereas other currency are printed by Reserve Bank on behalf of
Govt of India therefore 1 Re note is signed by Secretary, Ministry of Finance.