Enquiry needed in re-issue of Rs 10 and one-rupee notes

Kashmir Times. Dated: 3/13/2018 12:17:13 PM

Dear editor
It refers to reply of central government at Delhi High Court on 16.02.2018 about ten-rupee notes being soon discontinued. Reserve Bank of India (RBI) only in January 2018 announced issue of new-designed smaller-sized ten-rupee notes, which are presently available only on heavy premium in black market unauthorized currency-note market in Chandni Chowk (Delhi). RBI could never bring out plastic-notes of rupees ten as announced by the then Union Minister of Finance Namo Narain Meena on 12.03.2013 in a written reply in Rajya Sabha.
Only very few are aware of one-rupee notes having been re-issued on 06.03.2015 after being discontinued two decades back. Even majority of bank-employees have not seen these notes, what to talk of general public. These notes are still sold at extra-ordinary heavy premium of ten-times the face-value.
It is significant that only one-rupee notes bear signature of a secretary-rank officer of central government, while notes in all other denominations bear signature of RBI governor. It is evident that central government and RBI do not have a well-drafted policy on management of coins and currency when suddenly coins became so much in plenty that even their minting had to be stopped, while earlier new coin-bags were sold at premium of twenty-percent.
Central government and RBI should immediately stop printing of one-rupee notes, and initiate an enquiry on re-issue of these notes on 06.03.2015 with existing print-stock sold as souvenir in attractive plastic-packs so that government rather than currency-dealers may earn heavy premium on one-rupee notes. Since ten-rupee coins are not accepted by public, coins should be only in denominations of rupees two and five with ten-rupee plastic notes issued for long life.
MADHU AGRAWAL
1775 Kucha Lattushah
Dariba, Chandni Chowk

 

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