{"id":9056,"date":"2022-10-27T10:55:17","date_gmt":"2022-10-27T05:25:17","guid":{"rendered":"https:\/\/vajiramandravi.com\/current-affairs\/?p=9056"},"modified":"2025-03-29T10:59:34","modified_gmt":"2025-03-29T05:29:34","slug":"rupee-notes","status":"publish","type":"post","link":"https:\/\/vajiramandravi.com\/current-affairs\/rupee-notes\/","title":{"rendered":"Rupee notes"},"content":{"rendered":"<h2><strong>Role of RBI in issuing notes<\/strong><\/h2>\n<ul>\n<li>Section 22 of The\u00a0<strong>Reserve Bank of India Act, 1934,\u00a0<\/strong>gives RBI the \u201c<strong>sole right\u201d to issue banknotes in India<\/strong>.<\/li>\n<li>Section 25 states that \u201c<strong>the design, form, and material of bank notes shall be such as may be approved by the Central Government<\/strong>\u00a0after consideration of the recommendations made by the [RBI\u2019s] Central Board\u201d.<\/li>\n<li>The RBI\u2019s\u00a0<strong>Department of Currency Management<\/strong>\u00a0has the responsibility of administering the core function of currency management.\u00a0<strong>If the design of a currency note has to change, the Department works on the design and submits it to RBI, which recommends it to the central government.<\/strong>\u00a0The government gives the final approval.<\/li>\n<\/ul>\n<h3><strong>Minting of coins<\/strong><\/h3>\n<ul>\n<li><strong>The Coinage Act, 2011<\/strong>\u00a0gives the central government the power to design and mint coins in various denominations.\u00a0<strong>In the case of coins, the role of the RBI is limited to the distribution\u00a0<\/strong>of coins that are supplied by the central government.<\/li>\n<li><strong>The government decides on the quantity of coins to be minted<\/strong>\u00a0on the basis of indents received from the RBI on a yearly basis.\u00a0<strong>Coins are minted in four mints<\/strong>\u00a0owned by the Government of India in\u00a0<strong>Mumbai, Hyderabad, Kolkata and Noida.<\/strong><\/li>\n<\/ul>\n<h3><strong>Types of notes issued so far<\/strong><\/h3>\n<ul>\n<li><strong>Ashoka Pillar Banknotes:<\/strong>\u00a0The first banknote issued in independent India was the Re 1 note issued in 1949. It\u00a0<strong>replaced the portrait of King George<\/strong>\u00a0with the symbol of the Lion Capital of the Ashoka Pillar at Sarnath in the watermark window.<\/li>\n<li><strong>Mahatma Gandhi (MG) Series, 1996<\/strong><\/li>\n<li><strong>Mahatma Gandhi series, 2005<\/strong><\/li>\n<li><strong>Mahatma Gandhi (New) Series, 2016<\/strong><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<hr \/>\n<p><strong>Source :\u00a0<\/strong><a href=\"https:\/\/indianexpress.com\/article\/explained\/explained-politics\/aap-wants-lakshmi-ganesh-on-currency-who-designs-rupee-notes-and-how-8231728\/\" target=\"_blank\" rel=\"nofollow noopener\">Indian Express<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>RBI is India&#8217;s central bank and regulatory body responsible for regulation of the Indian banking system.<\/p>\n","protected":false},"author":5,"featured_media":9057,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-9056","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-upsc-prelims-current-affairs","8":"no-featured-image-padding"},"acf":[],"_links":{"self":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/9056","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/comments?post=9056"}],"version-history":[{"count":0,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/9056\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media\/9057"}],"wp:attachment":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media?parent=9056"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/categories?post=9056"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/tags?post=9056"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}