The Reserve Bank of India (RBI) informed the Bombay High Court that introducing a new series of bank notes and coins for visually impaired individuals is a highly intricate and time-consuming process, extending over 6-7 years.
The division bench of the Bombay High Court was hearing a public interest litigation (PIL) filed by the National Association of the Blind (NAB), claiming that the new currency notes and coins posed difficulty for visually impaired people to identify and distinguish them.
Senior advocate Venkatesh Dhond, representing the RBI, submitted an affidavit during the hearing, explaining the complexities involved in the process. Incorporating user-friendly features for visually impaired individuals in a new series of banknotes is a monumental task that needs careful consideration.
Cost Implications of Introducing New Banknotes
“The expenditure that will be incurred in introducing a new series of notes can be best understood from the fact that in the Annual Report of the Reserve Bank of India for the year 2022-23, the annual expenditure towards security printing is reported as Rs 4682.80 crore. This annual amount was not for introducing a new series but merely for printing notes to replace old, soiled, damaged notes and to meet the incremental demand of banknotes,” the affidavit read.
It further said: “The cost of introducing a new series of banknotes will be much higher and will include the cost towards adaptation of the paper production, printing machines and the entire currency dispensation and processing eco-system to any proposed changes.”
The RBI informed the court that a new series of banknotes was introduced in 2016, following recommendations of the Central Board and approval from the Central Government. The work on the next series of banknotes has been underway since 2017.
Legal Approvals Required for Currency Alterations
Any alterations to the currency and coins can only be implemented after obtaining approval from the central government, according to Dhond's submission.
A similar petition was filed in the Delhi High Court, suggesting changes in currency to enhance accessibility for visually impaired individuals. The case was transferred to the Supreme Court to combine the PILs from the Bombay and Delhi High Courts, but the Supreme Court dismissed the transfer petition, allowing the respective high courts to continue hearing the petitions.
The Bombay High Court has scheduled the next hearing on the matter after 12 weeks.
