Small currency to end giant corruption and counterfeiting

News Holostik

The Reserve Bank of India recently announced that it will soon bring out new currency notes in one rupee denomination and will be putting them into circulation. The notes have been printed by the Government of India. The news came out as a surprise for many as one-rupee coins are still floating in the market.

The move is intended to be another attack on black money, corruption and counterfeit notes.

It is believed that the only legal currency will be one-rupee notes which will hit pockets of counterfeiters really hard as the paper it will be printed on will be worth more than the face value of the note.

According to a release by RBI, these currency notes are legal tender as given in The Coinage Act 2011. The existing currency notes in this denomination in circulation will also continue to be legal tender.

Shedding light on the appearance on the notes, the release said that the colour of one rupee currency note shall be pink green predominantly on the obverse and reverse in combination with others. It will contain the words ‘Bharat Sarkar’ in Devnagri above the words ‘Government of India’ with the bilingual signature of Shaktikanta Das, Secretary, Ministry of Finance and will contain the replica of New Rupee One coin with the rupee symbol of 2017 issued with ‘Satyameva Jayate’ and capital insert letter ‘L’ in numbering panel.