New Delhi: One rupee currency notes are set to make a comeback after two decades, although in a different colour.
The government ceased the printing of these notes in 1994 but as per latest reports RBI will soon make it available. The one-rupee note will be a bit different with pink-green in colour — with the image of the oil exploration rig Sagar Samrat.
Unlike other currency notes, which are printed by an arm of the RBI, the one-rupee note was always printed by the government as a substitute for the rupee coin under the Coinage Act.
In a statement issued, the central bank said, "RBI will soon put in circulation currency notes in one-rupee denomination. The notes will be printed by the Government of India. 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 legal tender."
Over the last few years, the government and the RBI have focused on coins for smaller denominations and discontinued Re 1 and Rs 2 notes citing the high cost involved and the clogging of presses. But the decision to go back to Re 1 notes came as a surprise.
The RBI had earlier informed the government that with the repeal of Section 2 of the Currency Ordinance, the government no longer had the power to issue one-rupee notes. The government then sought an opinion from the law ministry which opined that the Coinage Act of 2011 did not bar the government from printing one-rupee notes.
