Saga of Indian currencies - III

THROUGHOUT HISTORY, the right to Coinage and Currency and issues of sovereignty have been curiously conjoined, emotionally if not rationally; these issues stimulate debate even today.

The transition of currency management from colonial to independent India was a reasonably smooth affair. Midnight, August 15, 1947 heralded Indian independence from colonial rule. The Republic, however, was established on 26th January, 1950. During the interregnum, the Reserve Bank continued to issue the extant notes. Government of India brought out the new design Re 1 note in 1949.

Symbols for independent India had to be chosen. At the outset it was felt that the King's portrait be replaced by a portrait of Mahatma Gandhi. Designs were prepared to that effect. In the final analysis, the consensus moved to the choice of the Lion Capital at Sarnath in lieu of the Gandhi Portrait. The new design of notes were largely along earlier lines.

In 1953, Hindi was displayed prominently on the new notes. The debate regarding the Hindi plural of Rupaya was settled in favour of Rupiye. High denomination notes (Rs 1,000, Rs. 5,000, Rs. 10,000) were reintroduced in 1954. The lean period of the early sixties led to considerations of economy and the sizes of notes were reduced in 1967. In 1969 a commemorative design series in honour of the birth centenary celebrations of Mahatma Gandhi was issued depicting a seated Gandhi with the Sevagram Ashram as the backdrop.

Science and technology

Cost benefit considerations prompted the Bank to introduce Rs. 20 denomination notes in 1972 and Rs. 50 in 1975. High denomination notes were once again demonetised in 1978 for the same reasons as the 1946 demonetisation. The 1980s saw a completely new set of notes issued. The motifs on these notes marked a departure form the earlier motifs. The emphasis lay on symbols of Science & Technology (Aryabhatta on the Rs 2 note), Progress (the Oil Rig on Re 1 and Farm Mechanisation on Rs 5) and a change in orientation to Indian Art forms on the Rs 20 and the Rs 10 notes. (Konark Wheel, Peacock).

Management of Currency had to cope with the rising demands of a growing economy, together with a fall in purchasing power. The Rupee 500 note was introduced in October 1987 with the portrait of Mahatma Gandhi. The water mark continued to be the Lion Capital, Ashoka Pillar.

Mahatma Gandhi Series

With the advancement of reprographic techniques, traditional security features were deemed inadequate. It was necessary to introduce new features and a new 'Mahatma Gandhi Series' was introduced in 1996. A changed watermark, windowed security thread, latent image and intaglio features for the visually handicapped are amongst the new features.

Security features

Security thread Rs.10 and Rs.50 notes contain a A readable but fully embedded security windowed security thread. Rs.100 and Rs.500 notes contain a readable windowed security thread. This thread is partially exposed and partially embedded.

This thread also contains the words 'Bharat' in the devnagri script and 'RBI' appearing alternately. When held against light, this thread can be seen as one continuous line. Notes issued earlier have a plain, non-readable fully embedded security thread

Latent Image A vertical band behind on the right side of the Mahatma Gandhi's portrait, which contains a latent image, showsing the denominational value 50, 100 or 500 as the case may be. The value can be seen only when the note is held on the palm and light allowed to fall on it at 450 ; otherwise this feature appears only as a vertical band.

Microletterings This feature appears between the vertical band and Mahatma Gandhi portrait. It contains the word 'RBI' in Rs.10. Notes of Rs.50 and above also contain and the denominational value of the notes. This feature can be seen better under a magnifying glass.

Identification mark A special intaglio feature has been introduced on the left of the watermark window on all notes except Rs.10/- note. This feature is in different shapes for various denominations (Rs.50-Square, Rs.100-Triangle Rs.500- Circle) and helps the visually impaired to identify the denomination.

Intaglio Printing: The portrait of Mahatma Gandhi, Reserve Bank seal, guarantee and promise clause, Ashoka Pillar Emblem on the left, RBI Governor's signature are printed in intaglio - in raised prints in Rs.50, Rs.100 and Rs.500 notes.

Fluorescence: The number panels of the notes are printed in fluorescent ink. The notes also have optical fibres. Both can be seen when the notes are exposed to ultra-violet lamp.

Optically Variable Ink: The numeral 1000 on a Rs.1000 note is printed in Optically Variable Ink viz., a colour-shifting ink. The colour of the numeral '1000' appears green when the note is held flat but would change to blue when the note is held at an angle.

www.museum.rbi.org.in

Reserve Bank of India

(Concluded)

Send this article to Friends by E-Mail

Section  : Business
Previous : Medicorp Tech CP gets Ind D1