All you need to know about new Re 1 note
New Delhi, Feb 12: The Union Ministry of Finance has notified 'Printing of One Rupee Currency Notes Rules, 2020' vide Gazzette Notification G.S.R. 95(E) dated February 7, 2020. The notification has details about the one rupee note to be printed under the authority of the Government of India for circulation.
The notification said, "The One Rupee notes shall be printed at the note printing presses for issue under the authority of Government of India for circulation".
So here is all about you need to know about the history of the one rupee note and the features of the new note that has been issued.
Facts about Re 1 note
- The one-rupee note was introduced by the British on November 30, 1917, when currency notes in India were introduced in 1861. In 1949, the Government of India brought out the new design Re 1 note. The King's portrait of the note was replaced by the Lion Capital at Sarnath.
- Printing of the note was discontinued in 1994 because of high printing cost and after a gap of 22 years in 2015, it was reintroduced.
- Issued as a promissory note, the one rupee paper currency was printed in England. The note has been changed 44 times in 103 years.
- The one rupee note was used as currency in Persian and Gulf countries like Dubai, Bahrain, Muscat and Oman until 1970 whereas the Portuguese and the French also issued their own one rupee note as they were impressed by it.
- The Re 1 note bears the finance secretary's signature not the RBI governor as it belongs to the Republic of India, not the central bank.
Features of the New Re 1 note
- The previous indigo coloured note will be a pink and green colour-themed and 9.7 by 8.3 cm in dimension.
- The new note will have 'Bharat Sarkar' on its masthead and 'Government of India' printed below that where all other currencies have 'Bharatiya Reserve Bank' and 'Reserve Bank of India' printed on them.
- The note has always been issued by the central government while the other currencies are issued by the RBI.
- According to an official statement, the watermarks of the Re new one rupee note to be included the Ashoka Pillar, the hidden numeral "1" and the hidden word "Bharat".
- The note will feature a replica of the Re 1 coin and an image of the 'Sagar Samrat' oil exploration rig.
- The new Re 1 note will cost the taxpayer 94 paise, whereas the Re 1 coin, which is 70 paise when melted and has the highest circulation.