RE 1 NOTE WILL BE BACK IN 2015

Twenty years after the government stopped printing the Rupee 1 notes, the denomination is set to make a comeback from January 2015

THE NEW LOOK
The indigo colour of the old Re 1 notes will be replaced by a pink-green combination. The familiar blue will be replaced by a predominantly pink-green shade on the front and back in combination with other colours
A finance ministry notification said the Re 1 notes will be issued by the government and will carry the signature of the finance secretary. The Reserve Bank of India governor signs notes of all other denominations
The rupee symbol will have a floral design and the surrounding design will have a picture of Sagar Samrat, the oil exploration platform
The words ‘Bharat Sarkar’ will feature above the words ‘Government of India’ with the year 2015 on the representation of the Re 1 coin

The authentic rendering of the value will be given in 15 Indian languages in the language panel
The year will be shown at the centre bottom in international numerals

WHY HAD THE GOVT STOPPED PRINTING THEM?
The printing of Re 1 notes was stopped in November 1994 because of the high cost of printing them and to free up capacity to print notes of higher denominations. Interestingly, despite the RBI’s appeal to exchange these notes for coins, they are still in circulation, albeit in small towns and villages

WHY IS THE GOVT BRINGING THEM BACK?
The notification does not give any reason for the resumption of printing, but it is believed that reports of coin shortage and the rising incidence of coins being melted may have prompted the move.