Currency chest branches in turn supply notes and coins received from Reserve Bank of India offices to other branches linked to them. There are no terms and conditions. When does an in-use rupee form become invalid or not acceptable? What damage will make rupee note invalid eg complete torn apart note ,half torn note etc.? What are various options available for one to follow to make an invalid rupee note valid.
The Central Government may, by notification in the gazette, declare that with effect from such date as may be specified, any series of bank notes of any denomination shall cease to be legal tender. Skip to main content.
Search the Website Search. Home Indian Currency Bank Notes. The introduction of small denomination notes in India was essentially in the realm of the exigent. Compulsions of the first World War led to the introduction of paper currency of small denominations. The issuance of these notes was discontinued on 1st January, on cost benefit considerations. These notes first carried the portrait of King George V and were the precursors of the 'King's Portrait' Series which were to follow. Rupee One - Obverse.
Rupee One -Reverse. Rupees Two and Annas Eight - Obverse. Government of India continued to issue currency notes till when the Reserve Bank of India took over the functions of the Controller of Currency. These notes were issued in denominations of Rs 5, 10, 50, , , , 10, Rupees Fifty. Rupees One Thousand. Rupees Ten Thousand. With the establishment of the Currency Note Press at Nasik in , currency notes came to be progressively printed in India.
By the Nasik Press was printing the entire spectrum of India currency notes. The improved security features were changed watermarks, intricate portrait designs and multicoloured printing.
It began operations by taking over from the Government the functions hitherto performed by the Controller of Currency and from the Imperial Bank the management of Government Accounts and Public Debt.
While anyone cannot be forced to accept coins beyond the limits mentioned above, voluntarily accepting coins for amounts exceeding the limits mentioned above is not prohibited. Bank notes are printed at four currency presses, two of which are owned by the Government of India through its Corporation, Security Printing and Minting Corporation of India Ltd.
To facilitate the distribution of banknotes and rupee coins, the Reserve Bank has authorised select scheduled banks to establish currency chests. These are storehouses where banknotes and rupee coins are stocked on behalf of the Reserve Bank for distribution to bank branches in their area of operation.
As on March 31, , there were currency chests. The currency chests are expected to distribute banknotes and rupee coins to other bank branches in their area of operation. Some banks are authorised to establish Small Coin Depots to stock and distribute small coins i. As on March 31, , there were small coin depots.
Section 25 states that the design, form and material of bank notes shall be such as may be approved by the Central Government after consideration of the recommendations made by the Central Board of RBI. The Reserve Bank, in consultation with the Central Government and other stake holders, estimates the quantity of banknotes that are likely to be needed denomination-wise in a year and places indents with the various currency printing presses for supply of banknotes.
The Reserve Bank in terms of its clean note policy, provides good quality banknotes to the members of public. With this objective in view the banknotes received back from circulation are examined and those fit for circulation are reissued while the others soiled and mutilated are destroyed so as to maintain the quality of banknotes in circulation. In respect of coins, the role of RBI is limited to distribution of coins that are supplied by Government of India.
The Government of India is responsible for the designing and minting of coins in various denominations as per the Coinage Act, Further, a wide network of currency chests maintained and managed by scheduled banks are part of currency management architecture. The Issue Offices receive fresh banknotes from the currency printing presses which in turn send fresh banknote remittances to the currency chests. Direct remittances by the presses to the currency chests also happens.
These offices then send the coins to the other offices of the Reserve Bank who in turn send the same to Currency Chests and Small Coin Depots. The banknotes and rupee coins are stocked at the currency chests and small coins at the small coin depots.
The bank branches receive the banknotes and coins from the Currency Chests and Small Coin Depots for further distribution among the public. This is payable on demand by RBI, being the issuer. The promissory clause printed on the banknotes i. These notes are called banknotes as they are issued by the Reserve Bank of India. However, such banknotes issued earlier can still be found in circulation and these banknotes continue to be legal tender.
Not necessarily. In terms of Section 24 of the Reserve Bank of India Act, , bank notes shall be of the denominational values of two rupees, five rupees, ten rupees, twenty rupees, fifty rupees, one hundred rupees, five hundred rupees, one thousand rupees, five thousand rupees and ten thousand rupees or of such other denominational values, not exceeding ten thousand rupees, as the Central Government may, on the recommendation of the Central Board, specify in this behalf.
These notes were demonetized in Fifteen languages are appearing in the language panel of banknotes in addition to Hindi prominently displayed in the centre of the note and English on the reverse of the banknote. Yes, it is possible to have two or more banknotes with the same serial number, but they would either have a different Inset Letter or year of printing or signature of a different Governor of RBI. An Inset Letter is an alphabet printed on the Number Panel of the banknote.
There can be notes without any inset letter also. With a view to enhancing operational efficiency and cost effectiveness in banknote printing, non-sequential numbering was introduced in consistent with international best practices. Packets of banknotes with non-sequential numbering contain notes which are not sequentially numbered. Fresh banknotes issued by Reserve Bank of India till August were serially numbered. The banknotes are issued in packets containing pieces.
The Bank adopted the "STAR series" numbering system for replacement of defectively printed banknote in a packet of pieces of serially numbered banknotes. The Star series banknotes are exactly similar to the other banknotes, but have an additional character viz. In terms of Section 25 of the RBI Act, the design, form and material of bank notes shall be such as may be approved by the Central Government after consideration of the recommendations made by Central Board. Who decides on the volume and value of banknotes to be printed and on what basis?
The expected increase in NIC is estimated using statistical models which consider macro-economic factors such as expected growth in GDP, inflation, interest rates, growth in non-cash modes of payment etc. The replacement requirement depends on the volume of notes already in circulation and the average life of banknotes.
The Reserve Bank estimates the volume and value of notes to be printed in a year based on the above factors as well as feedback received from its own Regional Offices and banks regarding expected demand for cash and finalises the same in consultation with the Government of India and the printing presses.
The first banknote issued by independent India was the one rupee note issued in While retaining the same designs the new banknotes were issued with the symbol of Lion Capital of Ashoka Pillar at Sarnath in the watermark window in place of the portrait of King George. The name of the issuer, the denomination and the guarantee clause were printed in Hindi on the new banknotes from the year
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