New one-rupee note not in circulation

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 Dear Editor,

RTI response from Reserve Bank of India (RBI) confirms that new one-rupee notes issued on 06-03-2015 have become a collectors’ item with a very negligible quantity (72107) as compared to total issued (125398400) in last one year coming back to RBI for exchange as spoilt notes. Data reveals that out of 72107 spoilt notes, a vast majority of 69891 coming in six RBI offices with Thiruvanthapuram topping the list with 28416 returned pieces.

It is interesting that out of the four metro-cities; no spoilt one-rupee note came to RBI offices at Kolkatta and Mumbai with RBI office at New Delhi getting 1188 spoilt notes. However Chennai office of RBI got 14153 spoilt one-rupee notes. Percentage of one-rupee notes coming for exchange is totally insignificant at just .0000575 of total one-rupee notes issued in one year. Data also reveals of unjust distribution of one-rupee notes with centres like Thiruvanthapuram, Chennai, Bangalore, Guwahati, Bhuvneshwar getting much-much higher share of new one-rupee notes.

File-notings and correspondence revealed that process of re-issuing new one rupee-note released on 06-03-2015 at high print-cost of Rs. 1.14 started on 22-04-2014 on a bureaucratic exercise when Manmohan Singh led UPA-government was a caretaker government despite stiff resistance from Reserve Bank of India (RBI). Note is being sold openly through website at price of Rs. 49 (plus rupees 50 postal-charges). Packs of 100 one-rupee new notes are available in wholesale market of new currency-notes at Kachcha Bagh (Chandni Chowk) Delhi ranging between Rs. 1200 and 1500.

Issuing one-rupee note after its discontinuance twenty years back has eliminated much-needed scope of reducing sizes of currency notes of other denominations which were last reduced about half-a-century back. Any further printing and even issuing one-rupee notes should be immediately stopped. Present print-stock of one-rupee notes can be sold in attractive plastic-packing only at premium-price as souvenir, rather than putting these in actual circulation because limited number of printed one-rupee notes will otherwise also not be coming in actual circulation with every one getting these likely to keep as collectors’ item.

 

SUBHASH CHANDRA AGRAWAL

1775 Kucha Lattushah

Dariba, Chandni Chowk

DELHI 110006 (India)

 

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