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RBI to soon re-introduce 1 rupee currency notes

  • Mrinalini Singh
  • May 31, 2017
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After almost a gap of two decades, the Reserve Bank of India (RBI) is ready to bring back the one rupee notes in circulation. These notes will mostly be pink-green in colour on both sides and could have the combination of other colours too. It will be of a different colour than its previous form and will have an image of the Sagar Samrat oil exploration rig, say, officials. As Per Reports Government of India has already started printing Work the notes at the currency printing presses. The new notes will be pink-green in colour.

The new notes, which have been printed by the government, will be pink-green in colour with the representation of the one rupee coin on the reverse of the note with the words “Government of India” and the bilingual signature of Shaktikanta Das, the Secretary of the Ministry of Finance. The government had halted printing and circulation of one rupee notes in November 1994 when it started working out to be too expensive. At that time, the government needed to free up the capacity for printing notes of higher denominations. At present, the government only mints one rupee coins for public usage.

Sagar Samrat is a drill-ship, a merchant vessel designed for use in the exploratory offshore drilling of new oil and gas wells or for scientific drilling purposes. It was the first rig that drilled the first well offshore in 1974. It is located at Bombay High, 176 kilometres off the coast of Mumbai. Sagar Samrat has been in service for 32 years. The rig has drilled 125 wells and has been associated with 14 major discoveries adding more than 3 billion tonnes of oil and gas reserves,

This move comes after the government introduced new Rs 500 and Rs 2000 notes in November, last year as part of its demonetisation drive. In the currency scrapping of 2016, the old notes of Rs 500 and Rs 1000 were junked as the government tried to crack down on black money.

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