New Delhi : The cost of printing one rupee note, which was recently re-introduced after a gap of 20 years, is Rs 1.14, more than its value, an RTI query by activist Subhash Chandra Agrawal has revealed. The Security Printing and Minting Corporation of India (SPMCIL), under the central government, said in the RTI response that the cost is subject to audit, which is in progress, for financial year 2014-15.
The printing of one-rupee notes was discontinued in 1994 because of high printing cost as compared to their lives. Similarly, the notes of two-rupees and five-rupees denominations were subsequently discontinued for the same reason, Agrawal said. The denominations have been coinised.
However, the Union Finance Ministry subsequent to a gazette-notification dated December 16, 2014 ultimately re-issued one-rupee notes on March 6, 2015 at Shrinathji Temple (Nathdwara), Rajasthan, Agrawal said. Unlike other currency notes which the bear signature of RBI Governor, the one rupee note has signature of the Finance Secretary, and Agrawal demanded an enquiry into the “retrogressive” step.
plastic notes
The RBI will soon “test waters” for plastic currency, beginning with Rs 10 notes and the process should be “fully on” in the coming year, Reserve Bank’s Deputy Governor R Gandhi said. Plastic notes have an average life span of about five years and are difficult to imitate. Also, currency notes made of plastic are cleaner than paper ones.
