Indian rupee with Mahatma Gandhi’s face to be replaced by watermarks of Tagore, Kalam? RBI says THIS | Personal Finance News
New Delhi: The Reserve Bank of India has rebutted media claims that stated that the central bank is contemplating to introduce watermarks of Nobel laureate Rabindranath Tagore and 11th Indian President APJ Abdul Kalam on Bank notes.
“There are reports in certain sections of the media that the Reserve Bank of India is considering changes to the existing currency and banknotes by replacing the face of Mahatma Gandhi with that of others. It may noted that there is no such proposal in the Reserve Bank,” RBI said in a release.
It was reported in the media that the Finance Ministry along with the RBI might soon discuss introducing the watermark of one of the greatest Indian writers and the Missile Man of India on a new series of the banknotes of a few denominations. (Also read: PM Modi launches new series coins of Re 1, Rs 2, 5, 10 and 20 denominations)
The report also pointed out that the RBI and the Security Printing and Minting Corporation of India (SPMCIL) have sent two different sample sets featuring watermarks of the three prominent figures to IIT-Delhi Emeritus Professor Dilip T Shahani. The professor has been reportedly asked to select a set from the two options. The selected set will be presented in front of the government for final consideration.
It may be noted that the Reserve Bank has the sole authority to issue banknotes in India. Reserve Bank, like other central banks the world over, changes the design of banknotes from time to time.
The Reserve Bank has introduced banknotes in the Mahatma Gandhi Series since 1996 and has so far issued notes in the denominations of Rs.5, Rs.10, Rs.20, Rs.50, Rs.100, Rs.500 and Rs.1000 in this series.