Centre to print 15 Crore Rs.1 notes every year
After a gap of 20 years, the ₹1 note is set to make a comeback. The Centre has decided to print 15 crore ₹1 notes every year, Parliament was informed on Friday.
There is, however, no proposal to introduce a ₹15 note, Minister of State for Finance Jayant Sinha said in a written reply to the Lok Sabha.
He was replying to a query on whether the Government intends to re-introduce ₹1 note in the country.
Incidentally, it is only ₹1 notes that are issued by the government of India, all other currency denominations are issued by the RBI.
The Centre had in mid-December decided to print ₹1 currency notes with effect from January 1 this year under the provision of coinage law.
While the Union Government has decided to print ₹1 notes, indications are that the cost of printing may exceed the value of such notes.
There is also no proposal before the government to replace small currency notes with coins, Sinha added.