The one-rupee note, an humble currency note, appears to be of negligible importance in this fast-moving high-value transaction world; nevertheless, it is a storehouse of a vast amount of history, uniqueness, and interest.
Did you know that the RBI, which is the authority for issuing any currency notes in our country, does not issue the one-rupee note? Even stranger, this note does not carry the signature of the RBI Governor. And these are some exciting and lesser-known facts concerning the one-rupee note. Let us take an analysis of this note deeply, outlining the issuer, the signer, and its detailed historical background.
Who Issues the 1 Rupee Note?
The one-rupee note is issued by the Government of India and not by RBI, unlike all other currency notes in India. While the RBI technically controls the circulation of the note, the authority to print the note and issue it has remained with the central government. Hence, the one-rupee note is the odd one out in the entire narrative concerning the Indian monetary system.
The use of the one-rupee note over the years has fallen to a great extent and its printing has been stopped for the most part, rendering it an uncommonly seen currency in day-to-day transactions. Nevertheless, given its cultural and historical value, one can think it is quite fascinating to own this currency.
Whose Signature Is On the 1 Rupee Note?
Did you know that another interesting fact concerning the signature is that it is not that of the RBI Governor? On the one-rupee note, you will find the signature of the Finance Secretary of India. This is simply because the note is issued by the Government of India and not the RBI; the signature of the Finance Secretary indicates that the government is directly involved in its issuance, distinguishing it from any other note being issued in India.
A Short History of the One Rupee Note: A Glimpse
The history of the 1 rupee note is interesting and surprisingly considerably rich. The note had gone through several changes since its very first existence before the formation of the Reserve Bank of India.
- Pre-Independence: The first 1 rupee currency note was printed on 30 November 1917 during British rule. The note carried a portrait of George V and was used extensively throughout the country. Its printing, however, was stopped in 1926, only to be recommenced in 1940.
- Post-Independence: After independence, the 1-rupee note continued to be printed and was in circulation. But printing was again stopped in 1994.
- Into the 21st Century: Quite shockingly, the Government of India reinstated the 1-rupee note in 2015 as part of the revival of the note’s legacy and importance.
More Ancient Than RBI-The One Rupee Note
An interesting fact: The one-rupee note predates the founding of the Reserve Bank of India. The Reserve Bank of India was founded on April 1, 1935, under the Reserve Bank of India Act, 1934. Until 1937, the RBI was located in the city of Kolkata before shifting to Mumbai, where it remains to this day. The one-rupee note, however, has been an existing currency since 1917, living history.
