Dear Aspirants, here we have come up with another blog of Banking Awareness relating to Currency Management in India. Questions relating to Indian Currency has come in the past and may appear again in forthcoming exams like, IBPS PO, RBI Grade B, IBPS Clerk, Indian Bank PO, NIACL, SSC, UPSC, etc. So, it is important for you to know about various aspects of Indian Currency if you are preparing for Banking, Insurance, SSC, or UPSC exams.
The Indian Rupee (INR) is the official currency of India. One rupee consists of 100 Paise.
Who Issues Indian Currency?
Under Section 22 of the RBI Act 1934, The Reserve Bank of India is solely responsible for managing currency in India, except One Rupee Note which is issued by Union Ministry of Finance but circulated by RBI.
RBI is responsible for its designing, production and overall management of the nation’s currency, with the objective of ensuring an adequate supply of clean and genuine notes.
RBI is also responsible to enhance security features to reduce the risk of counterfeiting or forgery of the currency notes.
The Central government approves the design of banknotes on the recommendation of the central board of the Reserve Bank of India.
The currency notes are printed at:
- The Currency Note Press in Nashik
- The Bank Note Press in Dewas
- The Bharatiya Reserve Bank Note Mudran (P) Ltd at Salboni and Mysore
- The Watermark Paper Manufacturing Mill in Hoshangabad (produces papers for banknotes and non–judicial stamps)
Different Series of banknotes circulating at present
- As of 24 August 2017, the current circulating banknotes in denominations of ₹5, ₹10, ₹20, ₹50 and ₹100 are of the Mahatma Gandhi Series.
- The denominations of ₹50, ₹200, ₹500 and ₹2,000 are of the new Mahatma Gandhi New Series.
- RBI has issued new ₹100 note under Mahatma Gandhi New Series.
- The denomination of ₹1 is of the Lion Capital Series.
Languages on the Currency Notes
There are 17 languages written on the Currency Note out of the 22 official languages of India that are mentioned in the VIII Schedule of the Constitution of India.
2 languages (Hindi and English) are written on the front side and 15 on the backside (Assamese, Bengali, Gujarati, Kannada, Kashmiri, Konkani, Malayalam, Marathi, Nepali, Odia, Punjabi, Sanskrit, Tamil, Telugu, Urdu).
Issuance of Coins
The coins, under The Coinage Act 1906, are minted by the Government, not by RBI.
The distribution of Coins is undertaken by RBI as an agent of the Government.
The Coins are minted by Security Printing and Minting Corporation of India Limited (SPMCIL), a wholly owned company of Govt. of India, at the four mints located at Mumbai, Kolkata, Hyderabad and Noida.
Did you know?
In January 1938, the first paper currency was issued by RBI. It was a 5 rupee note bearing King George VI’s portrait.
That is all from us in this blog. Hope you find the information useful.
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