The notes are being printed after a gap of 20 years under The Coinage Act 2011. The cost of one rupee note is Rs 1.14 (provisionally and unaudited) as determined in accordance with the principle of costing and costing module.
In November 1994, printing of Re 1 note was stopped mainly due to higher cost as compared to their lives and for free up capacity to print currency notes of higher denomination. Printing of Rs 2 and Rs 5 notes too were discontinued in 1995 for same reason. The denominations have been coinised. Since then, only coins have been issued for these denominations. Since then, only coins have been issued for these denominations. Older notes are still in circulation and remain legal tender.
Why is 1 rupee not re-lauched again?
- The exact reasons for re-lauch was not yet known. Besides, one rupee note is being sold openly through Web sites at a premium price of ₹50, which the apex bank needs to put a check on.
- With one rupee notes considered auspicious by many Hindus, who also like to use notes while giving `shagun’, there is a huge market for them.
- However Critics say, It doesn’t have anything to do with the numismatic value also. The issuance of one rupee notes is not going to increase their circulation either.
Certain Interesting facts of 1 Rupee Note – Relaunch:
1. The new Re.1 note was launched by the Finance Ministry on March 6, 2014 from Shrinathji temple in Nathdwara, Rajasthan.
2. The relaunched currency notes will be made up of cent percent cotton rag and will weigh 900 grams per square metre with a thickness of 110 microns.
3. It bears the signature of the Finance Secretary and not the RBI Governor, because 1 rupee note is printed by Central Government, while the rest are printed by RBI.
4.The watermarks of the currency note include an Ashoka Pillar symbol in the window without the words ‘Satyamev Jayate’.
5. A picture of the oil exploration rig of Sagar Samrat off the Mumbai coast will feature on the reverse.
6. Incidentally, this happens to be the only currency note being printed by India which costs more to produce than its face value.
7. The printing cost of a 1,000 rupee note is Rs 2.96; a 500 rupee note is Rs 2.89; a 100 rupee note is Rs 1.28; a 50 rupee note is Rs 1.13, a 20 rupee note is 99 paise and a Rs 10 note is only 75 paise.