The One Rupee note, a new inclusion into the
Indian currency after a gap of 20 years by the Indian government, is surely a
cool thing being brought back and the very idea of re-introducing the One Rupee
note made many people happy to be able to relieve those days of using the
little note. But amidst an opportunity to go back to the past days, this has
also been brought into light that printing this note is actually costing the
government more than the value of the note!
The One Rupee note, as is pretty clear, values
Rs. 1 only, but this was not known to anybody that for printing this note government
is paying Rs 1.14 per note, which means it costs 14 paisa more than its value.
This has got to be revealed only after an RTI query was filed for an audit in
progress, for financial year 2014-15. The Security Printing and Minting
Corporation of India (SPMCIL), under the central government stated that activist
Subhash Chandra Agrawal had filed the RTI.
The reply stated, "The cost of one rupee
note is Rs 1.14 (provisionally and unaudited) as determined in accordance with
the principle of costing and costing module."
However, this was the same reason for which printing
of this note was discontinued in 1994. The same reason is stated for the
discontinuation of the two-rupee and five-rupee denominations as well. Further,
these currencies were being coinised rather than printing in paper.
Agarwal has also inquired to find the answer to
this question as to why the one rupee note carries the signature of the Finance
Secretary, whereas other currency notes bear the signature of RBI Governor.
He said, "Enquiry should be made if
retrogressive step of re-issue of costly one rupee notes was taken so that
signature of top bureaucrat of Union Finance Ministry may appear on these notes
for becoming a historical feature in future."
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